Notes Payable |
3 Months Ended | |
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Mar. 31, 2017 | ||
| Debt Disclosure [Abstract] | ||
| Debt Disclosure [Text Block] |
Note 5 - Notes Payable
Fortress Note
In 2015, the Company and Fortress entered into an Intercompany Working Capital Promissory Note (“Fortress Note”), in which Fortress agreed to provide a working capital line of credit to the Company from inception through a third party financing. The Fortress Note is due on demand and accrues interest of 8% per year, with interest due and principal due upon demand. This line of credit can be pre-paid at any time in cash or through Fortress’ indebtedness to NSC Biotech Venture Fund I, LLC (“NSC Note”) or other similar indebtedness.
At March 31, 2017, the Fortress Note was approximately $28,000 and was recorded as note payable - related party on the Condensed Balance Sheet. The Company recognized approximately $2,000 and $81,000 in interest expense related party at 8% on the Condensed Statements of Operations for the three months ended March 31, 2017 and 2016.
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