Processa Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Notes Payable, Note (Details)

Notes Payable, Note (Details) (USD $)		1 Months Ended			3 Months Ended			3 Months Ended			1 Months Ended
Notes Payable, Note (Details) (USD $)	Mar. 31, 2014	Aug. 30, 2013 Loan Payable Due	Sep. 30, 2012 Loan Payable Due	Dec. 11, 2013 Senior unsecured Notes Payable	Mar. 31, 2014 Notes and warrants	Feb. 28, 2014 Notes and warrants	Jan. 06, 2014 Notes and warrants	Mar. 31, 2014 Notes and warrants(2)	Mar. 01, 2014 Notes and warrants(2)	Mar. 31, 2014 Revolving line of credit	Dec. 31, 2013 Secured Notes Payable	Mar. 31, 2014 Secured Notes Payable	Dec. 11, 2013 Secured Notes Payable	Mar. 31, 2014 Senior Subordinated Note Payable	Apr. 15, 2011 Senior Subordinated Note Payable
Total amount of notes outstanding			$ 142,290	$ 90,000		$ 850,000		$ 150,000							$ 1,000,000
Note interest rate			2.60%	12.00%			12.00%		12.00%				12.00%		6.00%
Offering amount of notes and warrants							1,000,000		3,000,000
Amortization of discount on notes payable					20,348			738
Discount on notes payable								44,049
Lin of credit	229,980									229,980
Interest payable										2,344		1,631		625
Notes payable assumed											160,000
Loan (financed purchase of truck)		$ 83,507

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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