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NOTES PAYABLE TO STOCKHOLDERS
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9 Months Ended |
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Jun. 30, 2013
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| NOTES PAYABLE TO STOCKHOLDERS [Abstract] | |
| NOTES PAYABLE TO STOCKHOLDERS |
NOTE 4 - NOTE PAYABLE TO STOCKHOLDER
In March 2013, the Company entered into a promissory note for $150,000 with a stockholder. The note bears a 10% interest rate, is unsecured and is due on December 31, 2013.
In April 2013, the Company entered into a promissory note for $10,000 with a stockholder. The note bears a 10% interest rate, is unsecured and is due on December 31, 2013.
In May 2013, the Company entered into two promissory notes for $14,325 with a stockholder. The notes bear a 10% interest rate, are unsecured and are due on December 31, 2013.
As further discussed in Note 6, during the nine months ended June 30, 2013, the Company repaid approximately $132,000 in notes payable to stockholders through the issuance of 57,481 shares of Series C Convertible Preferred Stock.
Interest expense on the notes payable to stockholders was $22,075 and $ 29,149 for the nine months ended June 30, 2013 and 2012, respectively and $8,604 and $10,153 for the three months ended June 30, 2013 and 2012, respectively. |