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Note Payable
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Note Payable

NOTE 5 – NOTE PAYABLE

 

As of June 30, 2017, 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 amended in December 2016 to extend the maturity date for both the principal and interest to August 31, 2017.

 

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 of debt.