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Line of Credit
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Line of Credit

NOTE 3 – LINE OF CREDIT

 

On March 1, 2016, the Company entered into a short term line of credit agreement with Crest Business Solutions, LLC (“Crest”). The agreement provides that Crest will provide the Company with up to $50,000 via the line of credit. All amounts borrowed by the Company pursuant to the line of credit will be due and payable (with accrued interest thereon) in one balloon payment on February 28, 2017. The Company has the option to extend the term of the line of credit for an additional year to February 28, 2018. Interest accrues on the principal amount borrowed pursuant to the line of credit at the rate of five percent per annum. Crest previously had made advances to the Company. As of March 1, 2016, advances payable of $28,286 were transferred into the line of credit.

 

As of September, 30, 2016, the balance of the Line of Credit was $30,449. Accrued interest of $1,617 is also recorded. For the three and nine months ended September 30, 2016, the Company recognized interest expense of $402 and $1,617, respectively.