Quarterly report pursuant to Section 13 or 15(d)

Note Payable - bank

Note Payable - bank
9 Months Ended
Sep. 30, 2016
Notes Payable [Abstract]  
Note Payable - bank

Note 9 – Note Payable – bank


In connection with the 2012 acquisition of Message Logic, LLC, the Company acquired software subject to a UCC filing in the amount of $350,000 plus accrued interest. On September 5, 2014, the Company entered into an agreement whereby the Company will pay all arrears interest over 7 months at $3,910 per month. In addition, the Company has agreed to make monthly interest payments at $1,553 per month with the principal balance of $350,000 payable on April 30, 2016. This note is currently in default. The company is currently in negotiations with the bank to attempt to negotiate a self amortizing loan. The company has accrued interest on this loan of $7,765.