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NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

6 Months Ended

Jun. 30, 2015

Debt Instruments [Abstract]

NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

The Company’s notes payable relating to financing agreements classified as current liabilities consist of the following as of June 30, 2015 and December 31, 2014:

		June 30, 2015								December 31, 2014
Notes Payable			Principal				Interest				Principal				Interest
Third Party - Insurance Note 1		$	3,645				9.95	%		$	8,892				9.95	%
Third Party - Insurance Note 2			2,978				9.25	%			20,376				9.25	%
Third Party - Equipment Financing			—				—				3,787				13.48	%
Third Party - Insurance Note 3			56,359				8.66	%			—				—
Third Party - Insurance Note 3			44,684				8.99	%			__				__
Total		$	107,666							$	33,055

The Company entered into an agreement on February 3, 2015 with its insurance provider by executing an $111,548 note payable (Insurance Note 3) issued to purchase an insurance policy, secured by that policy with an annual interest rate of 8.66% payable in monthly installments of principal and interest totaling $9,803 through December 3, 2015.

The Company entered into an agreement on April 1, 2015 with its insurance provider by executing a $65,000 note payable (Insurance Note 4) issued to purchase an insurance policy, secured by that policy with an annual interest rate of 8.99% payable in monthly installments of principal and interest totaling $5,775 through February 1, 2016.

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

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