NOTES PAYABLE |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Notes to Financial Statements | |
NOTES PAYABLE |
NOTE 4 – NOTES PAYABLE
The Company has a financing loan for its Director and Officer Insurance (“D&O”), that was renewed in September 2019. As of June 30, 2020, and December 31, 2019, the loan had a balance of $9,512 and $32,329, respectively. The new loan bears interest at 6.97%, and requires monthly payments through July 2020.
During the fourth quarter of 2018 a third party loaned the Company $3,300 to pay for general operating expenses. The loan was unsecured, non-interest bearing and due on demand. This loan was forgiven during the six months ended June 30, 2020 and a gain on the forgiveness of debt was recognized. |