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Notes Payable
9 Months Ended
Dec. 31, 2016
Notes  
Notes Payable

11.Notes Payable

On April 26, 2016, we entered into Promissory Notes in the aggregate principal amount of $50,000 (the “Notes”) with Khristine Carroll, our Executive VP of Commercial Operations and an affiliate of Michael Adams, our Chief Executive Officer (the “Affiliate”) (collectively, the “Investors”). The Notes were initially due on May 25, 2016 and are currently being extended for consecutive monthly periods as mutually agreed upon by the parties and provided for by the terms of the Notes. The Notes bear interest at the rate of 10% per annum and all principal and accrued interest, if any, is due on demand. As of December 31, 2016, the principal balance outstanding was $50,000. During the three and nine months ended December 31, 2016, we accrued and paid interest of $1,000 and $3,000, respectively. As of December 31, 2016 our accrued interest outstanding was $0.

On December 5, 2016, we entered into an additional Promissory Note in the principal amount of $100,000 (the “Second Note”) with the Affiliate. The Second Note bears interest at the rate of 12% per annum and all principal and accrued interest, if any, is due on demand, but not later than June 5, 2017. As of December 31, 2016, the principal balance outstanding was $100,000. During the three months ended December 31, 2016 we paid no interest on the Second Note. As of December 31, 2016 our accrued interest outstanding was $0.