Quarterly report pursuant to Section 13 or 15(d)

Stockholder Notes Receivable

v3.8.0.1
Stockholder Notes Receivable
 9 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
7. Stockholder Notes Receivable
 
In 2007, a Stockholder of the Company was issued various promissory notes totaling $58,824 for the sale of Common Stock. The notes were full recourse and collateralized by the shares of Common Stock sold. The amended notes bore compound interest at 0.93% effective October 1, 2012, and as of October 1, 2016 these notes had matured.
 
On September 5, 2017, these notes were forgiven by the Company in the amount of $91,054, which included accrued interest of $32,230. These amounts are recorded in General and Administrative on the Condensed Consolidated Statements of Operations and Comprehensive Loss.