NOTES PAYABLE |
9 Months Ended |
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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. |