3. Convertible Note Payable - Stockholder

6 Months Ended

Jun. 30, 2016

Notes

3. Convertible Note Payable - Stockholder

3.   CONVERTIBLE NOTE PAYABLE - STOCKHOLDER

On May 18, 2015, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and matured on May 18, 2016.

On May 18, 2016 the note was extended for an additional twelve months. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

At June 30, 2016 and December 31, 2015, accrued interest on the note was $1,685 and $937, respectively.  Interest expense amounted to $(748) and $(657) for the six months ended June 30, 2016 and 2015, respectively. Interest expense amounted to $(374) and $(181) for the three months ended June 30, 2016 and 2015, respectively.