Quarterly report pursuant to Section 13 or 15(d)

NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

v3.2.0.727
NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS
 6 Months Ended
Jun. 30, 2015
Debt Instruments [Abstract]  
NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

NOTE 5 - NOTES PAYABLE - OTHER FINANCING AGREEMENTS

The Company’s notes payable relating to financing agreements classified as current liabilities consist of the following as of June 30, 2015 and December 31, 2014:

 

  June 30, 2015   December 31, 2014  
Notes Payable     Principal       Interest       Principal       Interest    
Third Party - Insurance Note 1   $ 3,645       9.95 %   $ 8,892       9.95 %  
Third Party - Insurance Note 2     2,978       9.25 %     20,376       9.25 %  
Third Party - Equipment Financing     —       —       3,787       13.48 %  
Third Party - Insurance Note 3     56,359       8.66 %     —       —    
Third Party - Insurance Note 3     44,684       8.99 %     __       __    
Total   $ 107,666           $ 33,055            

 

  

The Company entered into an agreement on February 3, 2015 with its insurance provider by executing an $111,548 note payable (Insurance Note 3) issued to purchase an insurance policy, secured by that policy with an annual interest rate of 8.66% payable in monthly installments of principal and interest totaling $9,803 through December 3, 2015.

The Company entered into an agreement on April 1, 2015 with its insurance provider by executing a $65,000 note payable (Insurance Note 4) issued to purchase an insurance policy, secured by that policy with an annual interest rate of 8.99% payable in monthly installments of principal and interest totaling $5,775 through February 1, 2016.