Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

The Company had two financing loans for its Director and Officer Insurance (“D&O”), both of which expired in the third quarter of 2018 and were replaced with a new single loan.  The D&O was renewed, and a new financing agreement obtained in September 2019. As of September 30, 2019, and December 31, 2018 the loan(s) had a balance of $45,663 and $26,731, respectively. The new loan bears interest at 6.97% and is due within one year.

 

During the fourth quarter of 2018 a third party loaned the Company $3,300 to pay for general operating expenses. The loan is unsecured, non-interest bearing and due on demand.