Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Interest Expense

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Notes Payable and Interest Expense
9 Months Ended
Sep. 30, 2015
Notes Payable and Interest Expense [Abstract]  
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.  There was no  accrued interest as of September 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

 

Interest expense was $883 during the three months ended September 30, 2014.

 

Interest expense was $2,563 during the nine months ended September 30, 2014.