RELATED PARTY NOTE PAYABLE AND RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2016

RELATED PARTY NOTE PAYABLE AND RELATED PARTY TRANSACTIONS:

RELATED PARTY NOTE PAYABLE AND RELATED PARTY TRANSACTIONS

NOTE 5 –RELATED PARTY NOTE PAYABLE AND RELATED PARTY TRANSACTIONS

For the period ended December 31, 2015, the Company executed a promissory note with a related party in the amount of $4,500. The unsecured note payable bears interest at 0% per annum and is due upon demand. The Company amended this note payable to increase it from $4,500 to $6,000 and $7,750 as of December 31, 2015 and March 31, 2016, respectively.  During the three months ended June 30, 2016, this note payable increased to $21,990 and was forgiven as of June 30, 2016. The Company recorded this forgiveness as additional paid-in capital.

The Company recorded rent expense of $3,000 and $3,000 (included in Administrative and other costs) for the six months ended June 30, 2016 and 2015, respectively. The Company rented office space from its founder on a month-to-month lease for $500 per month, which ended during the quarter ended June 30, 2016. This includes all utilities and other incidental costs associated with operating the office space in which to house the Company’s computing equipment and its headquarters.

During the year ended December 31, 2015 the Company recorded and capitalized $24,000 of intangible and tangible assets purchased from our founder. This transaction occurred on January 15, 2015 (see Note 3 - Intangible Assets).