| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
The Company had the following notes payable as of September 30, 2016 and December 31, 2015:
| Issuance Date |
|
Maturity Date |
|
Interest
Rate |
|
|
September 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 |
|
|
|
- |
|
| August 3, 2016 |
|
September 30, 2016 |
|
|
6% |
|
|
|
10,000 |
|
|
|
- |
|
| August 3, 2016 |
|
September 30, 2016 |
|
|
6% |
|
|
|
7,500 |
|
|
|
- |
|
| September 9, 2016 |
|
March 9, 2017 |
|
|
6% |
|
|
|
7,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
137,000 |
|
|
$ |
83,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original issuance discount |
|
|
|
|
|
|
|
|
(1,517 |
) |
|
|
(7,333 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
135,483 |
|
|
$ |
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 $1,833 and $0 for the quarters (3 months) ended September 30, 2016 and 2015.
|