Quarterly report pursuant to Section 13 or 15(d)

NOTE 4 - LINE OF CREDIT

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NOTE 4 - LINE OF CREDIT
6 Months Ended
Jun. 30, 2016
NOTE 4 - LINE OF CREDIT [Abstract]  
NOTE 4 - LINE OF CREDIT

NOTE 4 – LINE OF CREDIT

 

The Company assumed a line of credit with Wells Fargo Bank upon the closing of the merger on April 1, 2015. The line of credit provided for borrowings up to $40,000, but is now closed to future borrowing. The outstanding balance under the facility as of June 30, 2016 and December 31, 2015 was $40,856 and $40,216, respectively, including accrued interest. This line of credit has no maturity date. The annual interest rate is 10%.  The former CEO of the Company personally guaranteed the repayment of the outstanding amount.