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NOTES PAYABLE - STOCKHOLDERS
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12 Months Ended |
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Sep. 30, 2014
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| NOTES PAYABLE - STOCKHOLDERS [Abstract] | |
| NOTES PAYABLE - STOCKHOLDERS |
NOTE 6 -NOTES PAYABLE – STOCKHOLDERS
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, 2015.
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, 2015.
As further discussed in Note 8, during the twelve months ended September 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.
During prior years, the Company entered into 3 promissory notes with one stockholder for a total amount of $110,000. The notes bear a 10% interest rate, are unsecured and are due on December 31, 2015.
In November 2013, the Company repaid a note payable to one stockholder for $150,000.
The Company has other notes payable to stockholders totaling $46,413. These notes range in interest from 10% to 15% which are payable quarterly. All of these notes mature December 31, 2015.
Interest expense on notes payable – stockholders was $27,891 in 2014 and $30,984 in 2013. |