Note Payable

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Note Payable

9. Note Payable

On December 12, 2014, PPIX entered into a loan agreement with a financial institution with proceeds totaling $300,000 to finance the development of a new policy system.  The loan is secured by the equipment purchased with the proceeds received.  The loan is being repaid on a monthly basis from January 2016 through December 2020 with interest calculated on the unpaid principal balance at a rate of 4%.   At June 30, 2019 and December 31, 2018, the balance of the note was $96,390 and $127,327, respectively.  At June 30, 2019 and December 31, 2018, PPIX was in compliance with all loan covenants.

Future maturities of the note for the succeeding years are as follows at June 30, 2019:

Year ending June 30,
2020	$	63,650
2021		32,740
	$	96,390