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. |