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. |