Quarterly report pursuant to Section 13 or 15(d)

Notes Payable - Related Party

v3.5.0.2
Notes Payable - Related Party
9 Months Ended
Sep. 30, 2016
Notes Payable - Related Party [Abstract]  
NOTES PAYABLE - RELATED PARTY

NOTE 7 – NOTES PAYABLE – RELATED PARTY

 

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

 

Description   Issuance Date   Maturity Date   Interest Rate     September 30,
2016 
(unaudited)
    December 31,
2015
 
                           
Michael J. Doron   July 8, 2015   September 8, 2015     7.0 %   $ 2,500     $ 2,500  
Charles C. Bream III   July 8, 2015   September 8, 2015     7.0 %     2,500       2,500  
Charles C. Bream III   August 24, 2015   November 23, 2015     7.0 %     1,000       1,000  
Charles C. Bream III   August 1, 2016   September 30, 2016     6.0 %     10,000       -  
                                 
Total                   $ 16,000     $ 6,000  

 

Interest expense for notes payable-related party amounted to $204 and $0 for the quarter (3 months) ended September 30, 2016 and 2015.