Note J - Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Notes | |
| Note J - Subsequent Events | Note J – Subsequent Events
On January 12, 2017 and March 27, 2017, the Company entered into two uncollateralized notes payable with an unaffiliated investor, each in the amount of $25,000 for $50,000 total. The notes carry an interest rate of 6%, and mature on January 12, 2018 and March 27, 2017, respectively. The notes and accrued interest, or any portion thereof, are convertible at the option of the lender, into the Company's common stock at a fixed rate of $.025 per share.
On June 29, 2017, the Company entered into an uncollateralized note payable with its CFO, Frank Grey, in the amount of $12,500. The note carries an interest rate of 6%, and matures on June 29, 2018. The note and accrued interest, or any portion thereof, is convertible at the option of the lender, into the Company's common stock at a fixed rate of $.025 per share.
The Company has evaluated its subsequent events through the date of this report issuance and determined there are no additional events to disclose. |