NOTE 5 - NOTES PAYABLE – STOCKHOLDERS

As of September 30, 2018 and 2017, the Company has unsecured notes payable to stockholders totaling $147,589 and $134,087, respectively. These notes range in interest from 8% to 15% which are payable quarterly.  The notes mature on December 31, 2018. In January 2019, the maturity date on these notes were extended to June 30, 2019 and December 31, 2019.

During the year ended September 30, 2017, the Company issued an unsecured 8% promissory note maturing on December 31, 2018 to a shareholder and director for $35,000. In January 2019, the maturity date of this note was extended to June 30, 2019.

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. In January 2019, the maturity date of this note was extended to June 30, 2019.

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.

Interest expense on notes payable – stockholders was $13,324 and $12,643 for the years ended September 30, 2018 and 2017, respectively.