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PAYABLE – RELATED PARTY
6 Months Ended
Jun. 30, 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 June 30, 2016 and 2015 was $175,000 and $151,000, respectively, represents an unsecured promissory note and addendums (“Myers - LOC”). These amounts are unsecured and bear interest at the rate of 10% and 12% per annum, respectively. The Myers - LOC has been amended to be due and payable on December 31, 2016 The accrued interest under the Myers - LOC as of June 30, 2016 and 2015 was $45,147 and $27,540, respectively.

 

The amount due under the Myers - LOC at June 30, 2016 was $175,000. The amount is unsecured and bears interest at 10% per annum. At June 30, 2016, accrued interest on the amount was $45,147.