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3. Convertible Note Payable - Stockholder
9 Months Ended
Sep. 30, 2016
Notes  
3. Convertible Note Payable - Stockholder

3.   CONVERTIBLE NOTES 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 was set to mature 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.

 

On September 9, 2016, the Company issued an unsecured convertible note payable to a stockholder in exchange for $20,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and matures on September 9, 2017. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

 

At September 30, 2016 and December 31, 2015, accrued interest on the notes were $2,135 and $937, respectively.  Interest expense amounted to $(1,198) and $(1,036) for the nine months ended September 30, 2016 and 2015, respectively. Interest expense amounted to $(450) and $(379) for the three months ended September 30, 2016 and 2015, respectively.