| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
The Company had the following notes payable as of March 31, 2017 and December 31, 2016:
| Issuance Date |
|
Maturity Date |
|
Interest
Rate |
|
|
March 31,
2017
(unaudited) |
|
|
December 31,2016 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
13,500 |
|
| March 2, 2016 |
|
September 29, 2016 |
|
|
10.0 |
% |
|
|
15,000 |
|
|
|
15,000 |
|
| August 3, 2016 |
|
September 30, 2016 |
|
|
8.0 |
% |
|
|
10,000 |
|
|
|
10,000 |
|
| August 3, 2016 |
|
September 30, 2016 |
|
|
8.0 |
% |
|
|
7,500 |
|
|
|
7,500 |
|
| September 9, 2016 |
|
March 9, 2017 |
|
|
6.0 |
% |
|
|
7,500 |
|
|
|
7,500 |
|
| October 13, 2016 |
|
April 13, 2017 |
|
|
6.0 |
% |
|
|
10,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
147,000 |
|
|
$ |
147,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Original issuance discount |
|
|
|
|
|
|
|
|
(1,517 |
) |
|
|
(1,517 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
$ |
145,483 |
|
|
$ |
145,483 |
|
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 $3,123 and $11,142 for the quarters (3 months) ended March 31, 2017 and 2016. The Company recorded original issue discount of $1,517 for March 31, 2017 and December 31, 2016.
|