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Note 6 - Notes Payable - Related Parties
12 Months Ended
Dec. 31, 2015
Notes  
Note 6 - Notes Payable - Related Parties:

Note 6 – Notes Payable – Related Parties:

 

In August 2011, we entered into an unsecured loan from John Power, the Company’s sole executive officer, evidenced by a $20,000 promissory note. The promissory note bears interest at 6% per annum and is payable on demand with thirty days’ notice from the lender. During the second quarter of 2014, the Company made payments totaling $5,000 to pay down the principal balance of the note.  At December 31, 2015 the Note balance was $15,000.

 

In January 2014, we entered into an unsecured loan from John Power, the Company’s sole executive officer, evidenced by a $50,000 promissory note. The promissory note bears interest at 6.75% per annum and is payable on demand with thirty days’ notice from the lender.

 

In April 2015, we paid a total of $4,750 to Mr. Power representing interest accrued on the Notes.  And in September 2015 we paid an additional $2,500 also representing accrued interest on the Notes. A total of $1,775 of unpaid interest has accrued on these two promissory notes and is included in Accrued interest - related parties on the accompanying consolidated balance sheet at December 31, 2015.