Surplus Notes

12 Months Ended

Dec. 31, 2016

Surplus Notes [Abstract]

Surplus Notes

Note 11. Surplus Notes

The following provides a summary of the American Life’s surplus notes along with issue dates, maturity dates, face amounts, and interest rates as of December 31, 2016:

Creditor	Issue Date	Maturity Date	Face Amount		Interest Rate
David G. Elmore	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 Nebraska Department of Insurance. As of December 31, 2016, the Company has accrued $261,971 of interest expense under accounts payable and accrued expenses on the consolidated balance sheet. No payments were made in the years ended December 31, 2016 and 2015. The surplus notes for $300,000 and $250,000 matured on August 1, 2016 and September 1, 2016, respectively. Due to the nature of surplus notes, a repayment cannot be made without the prior approval of the Nebraska insurance regulators.