Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Notes Payable

v3.4.0.3
Note 8 - Notes Payable
3 Months Ended
Mar. 31, 2016
Notes  
Note 8 - Notes Payable

NOTE 8 – NOTES PAYABLE

 

 

Notes payable consist of the following for the periods ended;

3/31/2016

12/31/2015

 

 

 

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

7,500

 

 

 

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

7,500

 

 

 

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

95,942

Conventional convertible note issued as working capital advances during 2014 with an interest rate stated at 5%. This note is due May 10, 2016 and can be converted at $0.30 per share.

 

16,000

0

 

 

 

Conventional convertible note issued as working capital advances during 2014 with an interest rate stated at 5%. This note is due May 10, 2016 and can be converted at $0.30 per share.

 

16,000

0

 

 

 

 

 

 

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

52,493

 

 

 

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

90,069

 

 

 

Total Notes Payable

285,884

253,504

 

 

 

Less Current Portion

285,884

253,504

 

 

 

Long Term Notes Payable

$0

$0

 

 

 

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

$0

$0