|
NOTES PAYABLE
|
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2014
|
||
| Debt Disclosure [Abstract] | ||
| Notes Payable Disclosure [Text Block] |
5. NOTES PAYABLE
The Company and a group of lenders entered into a Note Purchase and Security Agreement dated as of July 29, 2014 providing for borrowing by the Company of up to an aggregate of $1,000,000 upon the issuance of the Company’s secured promissory notes (the “Notes”) bearing interest of 8% per annum and having a stated maturity of 60 days from issuance or the earlier closing of an equity financing with gross proceeds to the Company of $1,000,000. The Company borrowed an aggregate of $617,500 at a closing on July 29, 2014.
Concurrently with the closing of the August 2014 Underwritten Offering, outstanding principal amount of the Notes plus accrued interest of approximately $3,000 was repaid in full.
The remaining notes payable balance at September 30, 2014 consists entirely of the $450,000 loan from the Wisconsin Department of Commerce dated September 15, 2010.
|