NOTE 4   -  NOTES PAYABLE TO STOCKHOLDERS

As of June 30, 2018 and September 30, 2017, the Company had unsecured notes payable to stockholders totaling $149,223 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 $3,243 and $4,577 for the three months ended June 30, 2018 and 2017, respectively, and $10,081 and $13,507 for the nine months ended June 30, 2018 and 2017, respectively.