NOTES PAYABLE TO STOCKHOLDERS |
6 Months Ended |
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Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE TO STOCKHOLDERS |
NOTE 4 - NOTES PAYABLE TO STOCKHOLDERS
As of March 31, 2018 and September 30, 2017, the Company had unsecured notes payable to stockholders totaling $147,543 and $134,087, respectively. These notes range in interest from 8% to 15% which are payable quarterly. The remaining balance of the notes mature on December 31, 2018.
In October 2017, the Company repaid the principal amount of $7,891 of a note payable to a shareholder. In February 2018, the Company paid $7,891 of principal and $248 of accrued interest as full payment of a note payable to a shareholder that matured on December 31, 2017.
In October 2017, the Company issued two promissory notes to a shareholder and director in the amount of $15,000 each. The notes bear 8% interest and mature on December 31, 2018.
Interest expense on the notes payable to stockholders was $3,420 and $3,752 for the three months ended March 31, 2018 and 2017, respectively, and $6,838 and $8,930 for the six months ended March 31, 2018 and 2017, respectively.
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