Short Term Notes Payable |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | |||
Short Term Notes Payable [Abstract] | |||
Short Term Notes Payable |
On July 31, 2010, the Company entered into a short-term note payable for $85,185 bearing interest at 7.5% to finance a portion of the new enterprise resource planning system. Principal and interest payments on this note began August 31, 2010 and are made evenly based on a straight line amortization over a 17-month period with the final payment due on December 31, 2011. At September 30, 2011 and December 31, 2010, the balance due was $15,696 and $61,060, respectively. On March 10, 2011, the Company entered into a short-term note payable for $48,988 bearing interest at 5.48% to finance a portion of the product liability insurance. Principal and interest payments on this note began April 10, 2011 and are made evenly based on a straight line amortization over a 10-month period with the final payment due on January 10, 2012. At September 30, 2011, the balance due was $24,751. On July 12, 2011, the Company entered into a short-term note payable for $77,751 bearing interest at 4.75% to finance a portion of the directors' and officers' liability insurance. Principal and interest payments on this note begin August 24, 2011 and are made evenly based on a straight line amortization over an 11-month period with the final payment due on June 24, 2012. At September 30, 2011, the balance due was $63,863. |