| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
The Company had the following notes payable as of December 31, 2016 and 2015:
| |
|
|
|
Interest |
|
|
Balance at December 31, |
|
| Issuance Date |
|
Maturity Date |
|
Rate |
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| February 10, 2015 |
|
February 9, 2016 |
|
|
7.0 |
% |
|
$ |
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 |
|
|
8.0 |
% |
|
|
10,000 |
|
|
|
- |
|
| August 3, 2016 |
|
September 29, 2016 |
|
|
8.0 |
% |
|
|
7,500 |
|
|
|
- |
|
| September 9, 2016 |
|
March 3, 2017 |
|
|
6.0 |
% |
|
|
7,500 |
|
|
|
- |
|
| October 13, 2016 |
|
April 13, 2017 |
|
|
6.0 |
% |
|
|
10,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
147,000 |
|
|
$ |
83,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original issuance discount |
|
|
|
|
|
|
|
|
(1,517 |
) |
|
|
(7,333 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
145,483 |
|
|
$ |
76,167 |
|
The notes payable with the maturity date that has matured at the time the consolidated financial statements are issued continued to accrue interest and no default penalties were incurred. Interest expense for notes payable amounted to $12,272 and $1,625 for the years ended December 31, 2016 and 2015, respectively.
|