NOTE 4 - LINE OF CREDIT |
3 Months Ended |
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Mar. 31, 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 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 March 31, 2016 and December 31, 2015 was $40,822 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. |
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- References No definition available.
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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