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
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 6. Accounts Payable, Accrued Liabilities and Note Payable

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

 

    September 30,     December 31,  
    2016     2015  
Trade payables   $ 0.3     $ 0.3  
Accrued expenses and other     0.5       0.4  
Accrued bonuses     0.2       0.5  
Total   $ 1.0     $ 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 September 30, 2016 and $3,000 for the nine months ended September 30, 2016, which was recorded in the accompanying statement of operations.