Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash Account

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Restricted Cash Account
6 Months Ended
Jun. 30, 2016
Cash and Cash Equivalents [Abstract]  
Restricted Cash Account

3. RESTRICTED CASH ACCOUNT

 

The restricted cash account was created to deposit the unused proceeds from the Company’s new senior debt (Note 5. Senior Debt). The funds are kept at a bank in an account segregated from our main operating account. The Company does not have direct access to or control over the funds held in this account. The funds are disbursed to the Company upon the written request of the lender. These balances were $130,357 as of June 30, 2016 and $3,003,226 as of December 31, 2015.