Accounts Payable, Accrued Liabilities and Note Payable |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Accounts Payable, Accrued Liabilities and Note Payable [Text Block] |
Note 6. Accounts Payable, Accrued Liabilities and Note Payable Accounts payable and accrued expenses (rounded in millions) consisted of the following:
On February 28, 2016 a note payable was issued to a finance company for a vendor invoice, which totaled $135,000. A down payment of $13,500 was made with remaining payments of nine monthly installments of approximately $14,000, (annual effective interest rate approximately 5%). The note is expected to be fully paid by November 28, 2016. Total interest expense under the note was approximately $500, which was recorded in the accompanying statement of operations. |