NOTES PAYABLE TO STOCKHOLDERS |
9 Months Ended |
|---|---|
Jun. 30, 2015 | |
| NOTES PAYABLE TO STOCKHOLDERS [Abstract] | |
| NOTES PAYABLE TO STOCKHOLDERS |
NOTE 4 - NOTES PAYABLE TO STOCKHOLDERS
In January 2015, the Company entered into a promissory note for $25,000 with a stockholder. The note bears an 8% interest rate, is unsecured and is due on January 29, 2016.
In February 2015, the Company entered into a promissory note for $15,000 with a stockholder. The note bears an 8% interest rate, is unsecured and is due on February 22, 2016.
As further discussed in Note 6, in March 2015, a noteholder forgave $135,012 in notes payable and $59,608 in accrued interest in exchange for 389,241 shares of Series D Convertible Preferred stock.
Interest expense on the notes payable to stockholders was $12,980 and $17,160 for the nine months ended June 30, 2015 and 2014, respectively and $2,454 and $5,062 for the three months ended June 30, 2015 and 2014, respectively. |