XML 49 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Notes and advances payable (Tables)
 12 Months Ended
Dec. 31, 2014
Notes and Advances Payable

Notes payable consist of the following as of December 31, 2013 and 2014:

 

     2013      2014  

Officers, directors and affiliates:

      

Notes and advances payable, interest at 8.0%, due on demand

    $ 14,984       $ —     

Notes and advances payable, interest at 9.7%, due on demand

      85,000         —     

Note payable, interest at 7.5%, due March 2015 Extended to March 2016

      150,000         150,000   

Notes payable, interest 7.0%, due January 2017

      —           79,970   

Notes payable, interest varies (see explanation below)

      792,151         792,151   

Collateralized note payable (see below)

      714,488         120,728   
  

 

 

     

 

 

  

Total officers, directors and affiliates

   1,756,623      1,142,849   

Less: Current portion of officers, directors, and affiliates

   717,833      288,258   
  

 

 

     

 

 

  

Long-term portion of officers, directors, and affiliates

 $ 1,038,790    $ 854,591   
  

 

 

     

 

 

  

Unrelated parties:

Notes payable, interest at 7.5%, due March 2015 Extended to March 2016

   200,000      100,000   

Note payable, interest variable (see below)

   —        549,105   

Note payable, interest at 7.0%, due August 2016

   —        62,000   

Notes payable, interest at 7.0%, due January 2017

   —        41,668   

Notes payable, interest at 7.0%, due April 2015

   550,000      183,000   
  

 

 

     

 

 

  

Total unrelated parties

   750,000      935,773   

Less: Current portion of unrelated parties

   325,000      872,239   
  

 

 

     

 

 

  

Long-term portion of unrelated parties

 $ 425,000    $ 63,534   
  

 

 

     

 

 

  

Related Party Notes Payable

Information concerning these promissory notes is set forth in the table below.

 

Name of Holder

   

Position

   

Principal Amount

   

Interest Rate

   

Monthly P&I

Payment

Amount

   

Number

of

Monthly

Payments

Donald W. Prosser

    CFO & Director    $28,500    7.00%    $564.33    60

Charles B. Davis

    COO & Director    $66,500    7.00%    $1,316.78    60

William Stewart

    Director    $49,500    7.00%    $980.16    36

 

Sold to an unrelated party

               

Information Concerning Principal Pay Down and New Maturity Date

Information concerning the principal pay down and new maturity date is set forth in the following table.

 

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