Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.5.0.2
Notes Payable
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Notes Payable

Note 5 - Notes Payable

 

During the three months ended September 30, 2016, a third-party shareholder loaned the Company $50,000 for working capital purposes. The $50,000 is due on demand, unsecured, and interest is at 4% per annum.

 

The Company issued warrants to purchase 500,000 shares of common stock in consideration of the loans for $50,000. The warrants have an exercise price of $0.02 per share and expire in 10 years. The Company determined that the fair value of the warrants was $16,691 and included it as a financing cost in interest expense for the period ended September 30, 2016.