Notes Payable - Shareholder

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Notes Payable - Shareholder

NOTE 4 – NOTES PAYABLE - SHAREHOLDER

On April 1, 2014, the Company borrowed $250,000 from a shareholder and issued a note payable due on or before December 31, 2014, with interest at 3% per annum. On December 31, 2014, the Company and the lender executed an extension of the note, which is due on or before December 31, 2017. The interest remains at 3%. The lender may convert all or part of the debt, including interest, into common stock of the Company at any time at the rate of $1.00 per share.

On April 1, 2014, the Company borrowed an additional $250,000 from this shareholder and issued a note payable due on or before December 31, 2014, with interest at 3% per annum. On December 31, 2014, the Company and the lender executed an extension of the note, which is due on or before December 31, 2017. The interest remains at 3%. The lender may convert all or part of the debt, including interest, into common stock of the Company at any time at the rate of $1.00 per share.

Long-term debt consists of the following:

	September 30, 2016		December 31, 2015
Note payable to a shareholder, interest at 3.0%, interest and principal due December 31, 2017	$	250,000	$	250,000
Note payable to a shareholder, interest at 3.0%, interest and principal due December 31, 2017		250,000		250,000
		500,000		500,000
Less current maturities of long-term debt		-		-
Long-term debt	$	500,000	$	500,000

Maturities on long-term debt are as follows:

2016	$	-
2017		500,000
	$	500,000