Note 9 - Demand Note Payable - Related Party

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Note Payable, Related Party [Text Block]

N

OTE

9

:

DEMAND NOTE PAYABLE – RELATED PARTY

On

December

29,

2016

, the Company entered into an agreement with MCKEA, an entity of which a Board member is the managing member and of which it is the member of the Company's largest shareholder, for a demand promissory note (“Note”) in the amount of

$250

bearing interest at the rate of

6%

per annum on unpaid principal and shall be due and payable upon demand of payment by MCKEA

. Note

may

be prepaid, in whole or in part, without penalty, at the option of the Company and without the consent of MCKEA

. As of

December

31,

2016,

no interest was accrued on the Note.

Subsequent to

December

31,

2016,

Note was converted in the Company’s preferred stock

(See Note

16).