Quarterly report pursuant to Section 13 or 15(d)

Notes Payable - Related Party

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Notes Payable - Related Party
 6 Months Ended
Jun. 30, 2017
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 June 30, 2017 and December 31, 2016:

 

Description   Issuance Date   Maturity Date   Interest Rate     June 30,
2017 
(unaudited)		     December 31, 2016  
                           
Michael J. Doron   July 8, 2015   September 8, 2015     8.0 %   $ 2,500     $ 2,500  
Charles C. Bream III   July 8, 2015   September 8, 2015     8.0 %     2,500       2,500  
Charles C. Bream III   August 24, 2015   November 23, 2015     8.0 %     1,000       1,000  
Charles C. Bream III   August 1, 2016   September 30, 2016     8.0 %     10,000       10,000  
Total                   $ 16,000     $ 16,000  

 

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-related party amounted to $635 and $403 for the quarters ended June 30, 2017 and 2016.