Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

During the year ended December 31, 2015, the Company received short term loans from three creditors for a total of $354,000. The loans are uncollateralized, non-interest bearing and are due on demand. During the three months ended March 31, 2016, the Company added $1,400 to the balance due and repaid $35,000 for a balance due as of March 31, 2016 of $320,400.

 

The Company also has financing loans for its product liability and Director and Officer Insurance. As of March 31, 2016 and December 31, 2015 the loans have a balance of $40,634 and $16,671, respectively, they bear interest at 5.99% and 6.7% and are due within one year.