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FINANCE CONTRACTS PAYABLE
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
FINANCE CONTRACTS PAYABLE

NOTE 8 – FINANCE CONTRACTS PAYABLE

 

During 2015, the Company financed the acquisition of its general liability insurance through a finance contract in the amount of   $40,662 with initial downpayment of  $6,099, and at an annual interest rate of 6.05% requiring ten equal monthly payments of $3,553.  As of December 31, 2015, the balance on this loan amounted to $27,457.  During 2014, the Company financed the acquisition of its directors and officers insurance through a finance contract in the amounts of   $68,000 at an annual interest rate of 4% requiring nine equal monthly payments of $7,698.  As of December 31, 2014, the balance on this loan amounted to $7,698, which was paid in 2015.