Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE TO STOCKHOLDERS

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NOTES PAYABLE TO STOCKHOLDERS
6 Months Ended
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.