NOTES PAYABLE - STOCKHOLDERS |
12 Months Ended |
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Sep. 30, 2015 | |
| NOTES PAYABLE - STOCKHOLDERS [Abstract] | |
| NOTES PAYABLE - STOCKHOLDERS |
NOTE 5 -NOTES PAYABLE – STOCKHOLDERS In November 2013, the Company repaid a note payable to one stockholder for $150,000.
The Company has other notes payable to stockholders totaling $92,291. These notes range in interest from 8% to 15% which are payable quarterly. All of these notes mature December 31, 2016.
Interest expense on notes payable – stockholders was $12,724 and $27,981 for the years ended September 30, 2015 and 2014, respectively. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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