NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 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 December 31, 2019 and 2018 the loan had a balance of $32,329 and $45,663, 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. |
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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://fasb.org/us-gaap/role/ref/legacyRef
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