Oklahoma Technology Commercialization Center Note Payable

12 Months Ended

Dec. 31, 2013

OKLAHOMA TECHNOLOGY COMMERCIALIZATION CENTER NOTE PAYABLE

6.	OKLAHOMA TECHNOLOGY COMMERCIALIZATION CENTER NOTE PAYABLE

The Company carries a note from the State of Oklahoma Technology Business Finance Program (OTCC loan) represented originally by a $150,000 refundable award to be repaid at two times the amount of the award. The balance includes accrued interest (imputed at 14.27%), through September 2007. The monthly payments were suspended in October 2008 and resumed in October 2012 in the amount of $7,500 per month. The Company repaid $22,500 in 2012 and $82,500 in 2013. The total balance due at December 31, 2013 is $132,500 with $112,500 classified as current liabilities and $20,000 classified as long-term debt. The total balance due at December 31, 2012 is $215,000 with $90,000 classified as current liabilities and $125,000 classified as long-term debt.

The aggregate minimum maturities of the note payable for each of the next two years are as follows:

2014	$	112,500
2015	$	20,000

Total	$	132,500