LONG-TERM NOTES PAYABLE |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 | ||
| Debt Disclosure [Abstract] | ||
| Notes Payable Disclosure [Text Block] |
7. LONG-TERM NOTES PAYABLE
On September 15, 2010, Cellectar, Inc. entered into certain loan agreements with the Wisconsin Department of Commerce (the “WDOC Notes”) to borrow a total of $450,000. The WDOC Notes bear interest at 2% per annum beginning on the date of disbursement and allowed for the deferral of interest and principal payments until April 30, 2015. In the event of default of payment, interest on the delinquent payment is payable at a rate equal to 12% per annum. Monthly payments of $20,665 for principal and interest commenced on May 1, 2015 and continue for 23 equal installments with the final installment of any remaining unpaid principal and interest due on April 1, 2017.
The Company recorded interest expense related to these notes of approximately $1,500 and $4,000 for the years ended December 31, 2016 and 2015, respectively.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|