• Filing Date: 2017-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.7.0.1
9. Notes Payable to Bank
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Notes Payable to Bank

 

At December 31, 2016 and 2015, the Company had the following notes payable to bank:        
             
    December 31,     December 31,  
    2016     2015  
Promissory note payable to First Security Bank of Missoula,            
bearing interest at 3.150%, payable on demand, collateralized            
by a lien on Certificate of Deposit   $ 76,350     $ 36,881  
                 
                 
Promissory note payable to First Security Bank of Missoula,                
bearing interest at 3.150%, payable on demand, collateralized                
by a lien on Certificate of Deposit     90,967       93,791  
Total notes payable to the bank   $ 167,317     $ 130,672  

 

These notes are personally guaranteed by John C. Lawrence the Company’s President and Chairman of the Board of Directors. The maximum amount available for borrowing under each note is $99,998.