Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.3.1.900
Notes Payable
 12 Months Ended
Dec. 31, 2015
Notes Payable and Convertible Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

 

The Company had the following notes payable as of December 31, 2015 and 2014:

 

        Interest     Balance at December 31,  
Issuance Date   Maturity Date   Rate     2015     2014  
                       
February 10, 2015   February 9, 2016     5.0 %   $ 24,000     $ -  
March 31, 2015   September 30, 2015     7.0 %     10,000          
December 3, 2015   February 29, 2016     10.0 %     29,000       -  
December 23, 2015   September 29, 2016     10.0 %     20,500       -  
                             
Total             $ 83,500     $ -  
                             
Original issuance discount         (7,333 )        
                             
Total             $ 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 $1,625 and $0 for the years ended December 31, 2015 and 2014, respectively.