|9 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
NOTE 5 – NOTES PAYABLE
The Company had two financing loans for its Director and Officer Insurance, both of which expired in the third quarter and were replaced with a new single loan. As of September 30, 2018, and December 31, 2017 the loan(s) had a balance of $33,186 and $33,158, respectively. The new loan bears interest at 6.97% and is due within one year.
The entire disclosure for 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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef