Note 4 Note Payable - Officers and Directors |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
Note 4 Note Payable – Officers and Directors
Officers and Directors loans are demand notes totaling $100,502 as of March 31, 2016 and $69,944 as of December 31, 2015. The total consists of two notes from Officer/Directors. The first note in the amount of $60,000 as of March 31, 2016 provides for interest at 12% per annum and is unsecured. Notes payable to the Director resulted in an interest charge of $1,796 for the period ended March 31, 2016 and $14,450 accrued and unpaid at March 31, 2016.
The second note was increased by $30,502 during the current period, which increased the total note to $40,502 as of March 31, 2016. The note is a demand note, bears interest at 12% per annum and is unsecured. This note has accumulated and unpaid interest totaling $1,334 at March 31, 2016. The current period interest accrued on this note was $584.
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