Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
6 Months Ended
Jun. 30, 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 June 30, 2020, and December 31, 2019, the loan had a balance of $9,512 and $32,329, respectively. The new loan bears interest at 6.97%, and requires monthly payments through July 2020.

 

During the fourth quarter of 2018 a third party loaned the Company $3,300 to pay for general operating expenses. The loan was unsecured, non-interest bearing and due on demand. This loan was forgiven during the six months ended June 30, 2020 and a gain on the forgiveness of debt was recognized.