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PAYABLE - RELATED PARTY
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
NOTE 6 - PAYABLE - RELATED PARTY

Myers – Line of Credit (LOC)

 

The principal amount due Sarah Myers (director and executive officer of the Company, the related party) at December 31, 2015 was $136,960, represents an unsecured promissory note and addendums (“Myers - LOC”). These amounts are unsecured and bear interest at the rate of 12% per annum. The Myers - LOC has been amended to be due and payable on December 31, 2015. The accrued interest under the Myers - LOC as of December 31, 2015 was $35,309.

 

The amount due under the Myers - LOC at March 31, 2016 was $136,960. The amount is unsecured and bears interest at 12% per annum. At March 31, 2016 accrued interest on the principal amount was $39,418.