NOTES PAYABLE TO STOCKHOLDERS |
3 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE TO STOCKHOLDERS |
NOTE 4 - NOTES PAYABLE TO STOCKHOLDERS
As of December 31, 2016 and September 30, 2016, the Company has unsecured notes payable to stockholders totaling $118,006 and $132,676, respectively. These notes range in interest from 8% to 15% which are payable quarterly. All the notes mature December 31, 2017. In November 2015, the Company entered into a promissory note for $50,000 with a stockholder, officer and director of the Company. The note bears an 8% interest rate, is unsecured and is due on December 31, 2016. In December 2016, the maturity date was extended to December 31, 2017.
In November 2016, the Company repaid the principal amount of $15,000 of a note payable to a shareholder.
Interest expense on the notes payable to stockholders was $3,436 and $3,137 for the three months ended December 31, 2016 and 2015, respectively. |