Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.5.0.2
Notes Payable
 6 Months Ended
Jun. 30, 2016
Notes Payable and Convertible Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

 

The Company had the following notes payable as of June 30, 2016 and December 31, 2015:

 

Issuance Date   Maturity Date   Interest
Rate		     June 30,
2016 
(unaudited)		     December 31,
2015		  
                       
February 10, 2015   February 9, 2016     5.0 %   $ 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       -  
March 2, 2016   September 29, 2016     10.0 %     15,000       -  
                             
Total               $ 112,000     $ 83,500  
                             
Original issuance discount                 (1,517 )     (7,333 )
                             
Total               $ 110,483     $ 76,167  

 

The notes payable with the maturity date that has matured at the time the financial statements are issued continued to accrue interest and no default penalties were incurred. Interest expense for notes payable amounted to $16,619 and $0 for the quarters ended June 30, 2016 and 2015.