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

Quarterly report pursuant to Section 13 or 15(d)

Note Receivable Disclosure

Note Receivable Disclosure	3 Months Ended
Mar. 31, 2015
Notes
Note Receivable Disclosure	3. NOTE RECEIVABLE: The Company entered into an Equipment Purchase and License Agreement, in which the Company financed $89,964 with a note bearing 12% interest per annum payable monthly. Interest only payments are due monthly with principal and unpaid interest due on February 28, 2016. The Company has the option to extend the financing for an additional twelve months, if the licensee is in good standing. Interest of $1,250 is accrued as of March 31, 2015. Revenues under this agreement are recorded in deferred revenue and will be recognized in accordance with the Companys revenue recognition policy.

Note Receivable Disclosure

3 Months Ended

Mar. 31, 2015

3. NOTE RECEIVABLE:

The Company entered into an Equipment Purchase and License Agreement, in which the Company financed $89,964 with a note bearing 12% interest per annum payable monthly. Interest only payments are due monthly with principal and unpaid interest due on February 28, 2016. The Company has the option to extend the financing for an additional twelve months, if the licensee is in good standing. Interest of $1,250 is accrued as of March 31, 2015. Revenues under this agreement are recorded in deferred revenue and will be recognized in accordance with the Companys revenue recognition policy.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details