XML 25 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note Payable
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Note Payable

NOTE 7 – NOTE PAYABLE

 

As of December 31, 2015, the Company has a note payable in the amount of $50,000 due to an individual. The note was issued on May 30, 2013 and bears eight per cent (8%) annual interest. The note was originally due June 30, 2015 but the due date has been amended and, all principal and accrued interest is due and payable June 30, 2016. The Company analyzed the modification of the term under ASC 470-60 “Trouble Debt Restructurings” and ASC 470-50 “Extinguishment of Debt”. The Company determined the modification is not substantial and the transaction should not be accounted for as an extinguishment with the old debt written off and the new debt initially recorded at fair value with a new effective interest rate.