Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.7.0.1
Notes Payable
3 Months Ended
Mar. 31, 2017
Notes Payable/ Convertible Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

 

The Company had the following notes payable as of March 31, 2017 and December 31, 2016:

 

Issuance Date   Maturity Date   Interest
Rate
    March 31,2017
(unaudited)
    December 31,2016  
                       
February 10, 2015   February 9, 2016     7.0 %   $ 24,000     $ 24,000  
March 31, 2015   September 30, 2015     7.0 %     10,000       10,000  
December 3, 2015   February 29, 2016     10.0 %     29,000       29,000  
December 23, 2015   September 29, 2016     10.0 %     20,500       20,500  
March 2, 2016   September 29, 2016     10.0 %     13,500       13,500  
March 2, 2016   September 29, 2016     10.0 %     15,000       15,000  
August 3, 2016   September 30, 2016     8.0 %     10,000       10,000  
August 3, 2016   September 30, 2016     8.0 %     7,500       7,500  
September 9, 2016   March 9, 2017     6.0 %     7,500       7,500  
October 13, 2016   April 13, 2017     6.0 %     10,000       10,000  
                             
Total               $ 147,000     $ 147,000  
                             
Original issuance discount                 (1,517 )     (1,517 )
                             
Total               $ 145,483     $ 145,483  

 

The notes payable with the maturity date that has matured at the time the financial statements are issued continued to accrue interest and default interests were incurred. Interest expense for notes payable amounted to $3,123 and $11,142 for the quarters (3 months) ended March 31, 2017 and 2016. The Company recorded original issue discount of $1,517 for March 31, 2017 and December 31, 2016.