Notes Payable

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Notes Payable

On August 26, 2015, the Company entered into a Business Promissory Note and Security Agreement with Bank of Lake Mills for the principal sum of $200,000 and a daily interest rate of 0.22%. The total repayment amount including interest and principal was $244,637 to be paid pro-rata weekly ending February 22, 2016. For the three months ended March 31, 2016, we recorded interest expense related to the note of $4,947 and we paid approximately $70,262 in principal repayments related to the Note. As of February 25, 2016, the note had been fully repaid.