Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable, Accrued Liabilities and Note Payable

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Accounts Payable, Accrued Liabilities and Note Payable
6 Months Ended
Jun. 30, 2016
Accounts Payable, Accrued Liabilities and Note Payable [Text Block]

Note 6.         Accounts Payable, Accrued Liabilities and Note Payable

Accounts payable and accrued liabilities (rounded in millions) consisted of the following:

    June 30,     December 31,  
    2016     2015  
Trade payables $ 0.4   $ 0.3  
Accrued expenses and other   0.4     0.4  
Accrued bonuses   0.5     0.5  
Total $ 1.3   $ 1.2  

Note Payable

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 $1,000 for the three months ended June 30, 2016 and $2,000 for the six months ended June 30, 2016, which was recorded in the accompanying statement of operations.