Stockholders' Notes Receivable |
12 Months Ended | |
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Dec. 31, 2015 | ||
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| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
10. Stockholders’ Notes Receivable
In 2005 and 2006, certain of the Company’s stockholders and officers issued various promissory notes totaling $195,000 for the sale of common stock. The notes were full recourse and were collateralized by the shares of stock sold. The amended notes bore interest at 0.93%, effective October 1, 2012. The holders of these notes were granted an extension of maturity to October 1, 2016.
On January 15, 2014, the Company’s Board of Directors authorized loan forgiveness on the promissory note with the President of Eyegate. The note principle and accrued interest was included as a component of general and administrative expenses for the year ended December 31, 2014. As of December 31, 2015 and December 31, 2014, $58,824 was outstanding.
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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