Notes Payable and Interest Expense
|6 Months Ended|
Jun. 30, 2015
|Notes to Financial Statements|
|Notes Payable and Interest Expense||
7. Notes Payable and Interest Expense
Cherry Family Trust Note
This note was issued on March 1, 2007, for the principal amount of $20,000, interest accrues at the rate of 9% compounded annually, with a maturity date of December 31, 2008. Accrued interest was $0 as of June 30, 2015 and December 31, 2014. A court order was issued and December 7, 2007 that related to a summary judgment in favor of the Company, stemming from litigation between the Company and Mr. Cherry. Accordingly, we have extinguished the note payable as of December 31, 2014 and related accrued interest in the amounts and recorded a gain on debt extinguishment of $36,943.
Interest expense was $0 and $854 during the three months ended June 30, 2015 and 2014, respectively.
Interest expense was $0 and $1,680 during the six months ended June 30, 2015 and 2014, respectively.
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef