Quarterly report pursuant to Section 13 or 15(d)

Notes and advances payable (Tables)

v3.3.0.814
Notes and advances payable (Tables)
9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Notes and Advances Payable
   

December 31,

2014

   

September 30,

2015

 
Officers, directors and affiliates:            
Note payable, interest at 7.5%, due March 2016   $ 150,000     $ 150,000  
Notes payable, interest 7.0%, due January 2017     79,970       67,046  
Notes payable, interest varies (see explanation below)     792,151       792,151  
Collateralized note payable (see below)     120,728       120,728  
    Total officers, directors and affiliates     1,142,849       1,129,924  
Less: Current portion of officers, directors, and affiliates     288,258       288,567  
Long-term portion of officers, directors, and affiliates   $ 854,591     $ 841,357  
Unrelated parties:                
Notes payable, interest at 7.5%, due March 2016   $ 100,000     $ 100,000  
Note payable, interest variable (see below)     549,105       616,105  
Note payable, interest at 7.0%, due August 2016     62,000       62,000  
Notes payable, interest at 7.0%, due January 2017     41,668       34,935  
Notes payable, interest at 7.0%, due August 2015     183,000       183,000  
     Total unrelated parties     935,773       996,040  
Less: Current portion of unrelated parties     872,239       970,400  
Long-term portion of unrelated parties   $ 63,534     $ 25,640  
Related Party Notes Payable
Name of Holder   Position   Principal Amount     Interest Rate     Monthly P&I Payment Amount     Number of Monthly Payments  
Donald W. Prosser   Director   $ 28,500       7.00 %   $ 564.33       60  
Charles B. Davis   COO & Director   $ 66,500       7.00 %   $ 1,316.78       60  

William Stewart

(Sold to an unrelated party)

  Director   $ 49,500       7.00 %   $ 980.16       36  
Information concerning principal pay down and new maturity date

 

Name of Holder

 

Principal Balance

Before Pay down

    Principal Pay down    

Remaining

Principal Balance

 
Burlingame Equity Investors II, LP   $ 44,000     $ 26,251     $ 17,749  
Burlingame Equity Investors Master Fund, LP     506,000     $ 340,749     $ 165,251