The note receivable balance was as follows:

A note receivable was acquired as part of the 2007 asset purchase agreement with GGLLC. The note receivable is a ten year unsecured note with a 6% fixed interest rate, monthly principal and interest payments of $6,598 with the unpaid principal and interest due in February 2017. The terms of the note were amended in September 2010 whereby the monthly principal and interest payment was reduced to $3,332 and the unpaid principal and interest is due August 2015.

Interest income associated with this note receivable was $16,432 and $17,114 for the nine months ended September 30, 2014 and 2013, respectively. At September 30, 2014, there was an interest receivable balance of $34,006 which is included in other current assets.

Management evaluates collectability on a regular basis and will set up reserves for uncollectible amounts when it has determined that some or all of this receivable may be uncollectible. At September 30, 2014 and December 31, 2013, management believed that 100% of the note receivable principal and interest amounts are collectible.