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Notes Payable
 9 Months Ended
Sep. 30, 2014
Notes Payable [Abstract]  
Notes Payable

4.        Notes Payable

 

At September 30, 2014, notes payable are as follows:

 

Due to officers and directors -  interest rate 5% per annum payable on demand $17,200 
Due to an investor – interest rate 7% per annum due November 14, 2014  50,000 
Total $67,200 

 

A summary of notes payable activity is as follows:

 

Balance at December 31, 2013 $40,200 
Repayment  (23,000)
Borrowing  50,000 
Balance at September 30, 2014 $67,200 

 

Interest expense on notes payable amounted to $259 and $0 for the three month periods ended September 30, 2014 and 2013, respectively. Interest expense on notes payable amounted to $1,165 and $0 for the nine month periods ended September 30, 2014 and 2013, respectively.