Note 10. Surplus Notes

The following provides a summary of the Company's surplus notes along with issue dates, maturity dates, face amounts, and interest rates as of December 31, 2013:

Creditor	Issue Date	Maturity Date	Face Amount		Interest Rate
First American Capital Corporation	September 1, 2006	September 1, 2016	$	250,000	7	%
David G. Elmore	August 4, 2011	August 1, 2016		300,000	5	%

Any payments and/or repayments must be approved by the Arizona Department of Insurance. As of December 31, 2013, the Company has accrued $164,449 of interest expense under accounts payable and accrued expenses on the consolidated balance sheet. During the first quarter of 2013, the repayment of the interest and principal on a portion of the surplus notes was approved by the Arizona Department of Insurance. On January 4, 2013, the Company paid down $100,000 of principal and approximately $7,000 of accrued interest.