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	9 Months Ended
Sep. 30, 2015
Notes
Note Receivable Disclosure	4. 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 in March 2015. Interest only payments were due monthly with principal and unpaid interest due on February 28, 2016. Interest of $4,648 was included in the Note receivable through July 31, 2015. In August, the Company had not received any payments to date under the agreement and made the decision to record the receivable as bad debt. The revenue was recorded in deferred revenue and will not be recognized, and accrued interest receivable was recorded to bad debt expense. There was no note receivable balance as of September 30, 2015.

Note Receivable Disclosure

9 Months Ended

Sep. 30, 2015

4. 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 in March 2015. Interest only payments were due monthly with principal and unpaid interest due on February 28, 2016. Interest of $4,648 was included in the Note receivable through July 31, 2015. In August, the Company had not received any payments to date under the agreement and made the decision to record the receivable as bad debt. The revenue was recorded in deferred revenue and will not be recognized, and accrued interest receivable was recorded to bad debt expense. There was no note receivable balance as of September 30, 2015.