NOTES PAYABLE

3 Months Ended

Mar. 31, 2015

Notes Payable Disclosure [Abstract]

Notes Payable Disclosure [Text Block]

11. NOTES PAYABLE

Notes payable consists of the following as of March 31, 2015:

Promissory note payable, unsecured, bearing interest at 5% simple interest per annum, due in weekly principal and interest payments of $250, maturing on March 10, 2015.	$	—
Promissory note payable, secured by vehicle underlying loan having carrying value of $16,849 at March 31, 2015, bearing interest at 1.9% per annum, due in monthly principal and interest payments of $523, maturing on December 5, 2017.		16,731
		16,731
Less amounts due within one year		6,013
Long-term portion of notes payable	$	10,718

As of March 31, 2015, principal payments on the notes payable are as follows:

2015	$	4,499
2016		6,099
2017		6,133
2018		—
2019		—
Thereafter		—
	$	16,731

The unsecured note payable, which matured in March 2015, was paid in full in accordance with its terms. The note payable had resulted from conversion of a vendor payable dating back to February 2011. The note payable was restructured once in June 2012 to reduce the monthly payments and to extend the maturity.

Notes payable consists of the following as of December 31, 2014:

Promissory note payable, unsecured, bearing interest at 5% simple interest per annum, due in weekly principal and interest payments of $250, maturing on March 10, 2015.	$	2,764
Promissory note payable, secured by vehicle underlying loan having carrying value of $17,760 at December 31, 2014, bearing interest at 1.9% per annum, due in monthly principal and interest payments of $523, maturing on December 5, 2017.		18,216
		20,980
Less amounts due within one year		8,749
Long-term portion of notes payable	$	12,231