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Note 6. Notes Payable
9 Months Ended
Sep. 30, 2015
Notes  
Note 6. Notes Payable

Note 6.  Notes Payable

 

            In February 2015, the Company borrowed $750,000 from Access Business Finance, LLC.  The note was secured by the Company’s headquarters and manufacturing facility.  During the one-year term of the note, monthly payments of interest only at Prime Rate plus 6% were required, with the principal due on February 24, 2016.  The note was repaid in full in August 2015, along with related accrued interest payable and prepayment penalty, from the proceeds of the sale of the Company’s facilities.

 

            Notes payable at September 30, 2015 consisted of an unsecured finance agreement note, to finance annual premiums of an insurance policy, with a principal balance of $55,709, payable in monthly installments of $11,277, including interest at 4.85%, through February 2016.