Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

 

The Company has a financing loan for its Director and Officer Insurance (“D&O”), that was renewed in September 2019. As of March 31, 2020, and December 31, 2019 the loan had a balance of $18,729 and $32,329, 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.