Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE TO STOCKHOLDERS

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NOTES PAYABLE TO STOCKHOLDERS
9 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
NOTES PAYABLE TO STOCKHOLDERS

 

NOTE 4   - NOTES PAYABLE TO STOCKHOLDERS



 

In November 2015, the Company entered into a promissory note for $50,000 with a stockholder and director of the Company. The note bears an 8% interest rate, is unsecured and is due on December 31, 2016. In June 2016, the stockholder converted $10,000 of the note into 500,000 shares of common stock. The market value of the shares on the date of conversion was greater than the conversion price resulting in loss on conversion of $5,000.

 

Interest expense on the notes payable to stockholders was $3,699 and $2,454 for the three months ended June 30, 2016 and 2015, respectively. Interest expense on the notes payable to stockholders was $10,535 and $12,980 for the nine months ended June 30, 2016 and 2015, respectively.