Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE

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NOTES PAYABLE
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
NOTES PAYABLE

NOTE 7 – 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 were uncollateralized, non-interest bearing and are due on demand. During the year ended December 31, 2016, the Company added $36,843 to the balance due and repaid $87,114. On December 31, 2016, two of the creditors converted their loans totaling $299,000 of principal and $2,000 of interest into 1,308,696 shares of common stock. The shares were issued at $0.23, no gain or loss was recognized on the conversion. As of December 31, 2016, $21,400 remains outstanding.