SHORT TERM LIABILITIES
|3 Months Ended|
Mar. 31, 2017
|Debt Disclosure [Abstract]|
|SHORT TERM LIABILITIES||
The Company entered into a commercial insurance premium finance and security agreement in December 2016. The agreement finances the Company’s annual D&O insurance premium. Payments are due in quarterly installments of approximately $23,000 and carry an annual percentage interest rate of 4.9%.
The Company had an outstanding balance of approximately $21,000 at March 31, 2017 related to the agreement.
In conjunction with the consummation of the Streamline acquisition on March 25, 2015, the Company assumed two promissory notes for approximately $135,000 and $125,000 to the Bank of North Dakota New Venture Capital Program and North Dakota Development Fund, both outside non-related parties. Payments on both of the notes are due in aggregate monthly installments of $5,661 and carry an interest rate of 5%. Both of the notes have a maturity date of August 1, 2019. The promissory notes, excluding interest, had outstanding balances of approximately $149,000 and $165,000 at March 31, 2017 and December 31, 2016, respectively. The promissory notes, including interest, had outstanding balances of approximately $164,000 and $181,000 at March 31, 2017 and December 31, 2016, respectively.
Expected future payments, including interest, related to the promissory notes as of March 31, 2017, are approximately as follows:
For the year ending:
The Company paid interest expense related to the promissory notes for the three months ended March 31, 2017 and 2016 in the amount of approximately $2,300 and $2,800, respectively. The Company had unpaid accrued interest in the amount of approximately $69,000 at March 31, 2017 and December 31, 2016 related to the promissory notes.
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef