8. Notes Payable - Related Parties

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Notes Payable - Related Parties

Note payable, line of credit, 6.1%, unsecured - During the three months ended March 31, 2015, the Company borrowed $120,000 under the terms of its LOC Agreement with a member of its board of directors.  The balance of the note, after monthly principal payments, was $318,675 at March 31, 2015 ($200,000 at December 31, 2014).  Principal and interest are paid monthly using an amortization schedule for a fifteen year fully amortizing loan with all outstanding amounts due on December 31, 2017.

Term Note Payable, 7% - On February 12, 2015, the Company received a loan of $25,000 with interest at 7% from its senior vice-president, chief administrative officer.  The note is unsecured and matures on March 31, 2018.  The principal is convertible at the option of the holder into shares of common stock at $.10 per share.