Note Payable |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Note Payable and Convertible Note Payable [Abstract] | |
| NOTE PAYABLE |
NOTE 5 – NOTE PAYABLE
On February 10, 2015, the Company issued a note payable with an interest rate of 5.0% per annum in the amount of $24,000. The outstanding balance and any accrued interest is due one year from the date of the note.
On April 1, 2015, the Company issued a note payable with the interest rate of 7.0% per annum in the amount of $10,000. The outstanding balance and any accrued interest is due six months from the date of the note. At September 30, 2015, the note holder agreed to continue to accrue the interest with the rate of 7.0% until the note is paid off by the Company later.
On June 30, 2015, the Company issued a promissory note with the interest rate of 7.0% per annum in the amount of $2,500 to the Michael J. Doron who is a Chairman of the Company. The 25,000 shares of stock warrant were issued with a note at the same time. The outstanding balance and any accrued interest is due three months from the date of the note. At September 30, 2015, the note holder agreed to continue to accrue the interest with the rate of 7.0% until the note is paid off by the Company later.
On July 8, 2015, the Company issued a promissory note with the interest rate of 7.0% per annum in the amount of $2,500 to the Charles C. Bream who is a Director, Chief Executive Officer of the Company. The 25,000 shares of stock warrant were issued with a note at the same time. The outstanding balance and any accrued interest is due three months from the date of the note. At September 30, 2015, the note holder agreed to continue to accrue the interest with the rate of 7.0% until the note is paid off by the Company later.
On August 24, 2015, the Company issued a promissory note with the interest rate of 7.0% per annum in the amount of $1,000 to the Charles C Bream who is a Chief Finance Officer of the Company. The outstanding balance and any accrued interest is due three months from the date of the note. The 10,000 shares of stock warrant were issued with a note at the same time. The Company valued the stock warrants using the Black-Scholes method, and $635 was expensed in 3rd quarter 2015 accordingly. |