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Notes Payable - Related Parties
6 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Note 6 - Notes Payable - Related Parties

During the six months ended December 31, 2018, the Company borrowed $150,000 from a current shareholder with interest at 5%, payable in full at maturity on February 5, 2020.

 

During the six months ended December 31, 2018, the Company paid off $13,213 of the related party loans.

 

For the three and six months ended December 31, 2018, the Company incurred interest expense on these notes payable in the amount of $28,338 and $56,095, respectively, as compared to $22,445 and $44,176, respectively, for the three and six months ended December 31, 2017. At December 31, 2018 and June 30, 2018, there was $336,149 and $280,054, respectively, of accrued interest on notes payable included in accrued liabilities.