Annual report pursuant to Section 13 and 15(d)

Note 8 - Notes Payable

v3.3.1.900
Note 8 - Notes Payable
12 Months Ended
Dec. 31, 2015
Notes  
Note 8 - Notes Payable

NOTE 8 – NOTES PAYABLE

 

Notes payable consist of the following for the periods ended;

12/31/2015

12/31/2014

 

 

 

 Conventional convertible note issued as working capital advances during 2014 with an interest rate stated at 5%. This note is due September 30, 2015 and can be converted at $0.30 per share.

7,500

0

 

 

 

 Conventional convertible note issued as working capital advances during 2014 with an interest rate stated at 5%. This note is due September 30, 2015 and can be converted at $0.30 per share.

7,500

0

 

 

 

 Promissory note from a related party issued as working capital advances during 2014 with an interest rate stated at 0%. This note is due on demand.

95,942

83,294

 

 

 

 Funds advanced from a related party issued for working capital during 2015 with an interest rate stated at 0%. This note is due on demand.

52,493

0

 

 

 

 Promissory note from a related party issued as working capital advances during 2014 with an interest rate stated at 0%. This note is due on demand.

90,069

0

 

 

 

 Note dated June 22, 2014 with an interest rate stated at 4%. This note is convertible into 270,000 shares of common stock.

0

135,000

 

 

 

Total Notes Payable

253,504

218,294

 

 

 

Less Current Portion

253,504

215,894

 

 

 

Long Term Notes Payable

$0

$0

 

 

 

All are classified as short term by the Company. Accrued interest on these notes totaled.

$0

$0