NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2017 | |
| Notes to Financial Statements | |
| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
As of December 31, 2016, the Company owed $21,400 on a loan payable. The loan was uncollateralized, non-interest bearing and due on demand. During the year ended December 31, 2017, the Company was able to extinguish the debt resulting in a gain on extinguish the debt of $21,400.
The Company also has two financing loans for its Director and Officer Insurance. As of December 31, 2017, the loan has a balance of $33,158 and $0, respectively, it bears interest at 3.7% and is due within one year. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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