|
NOTES PAYABLE
|
12 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
| Notes Payable | |
| NOTES PAYABLE |
NOTE 4 NOTES PAYABLE
On March 24, 2012, the Company entered into a financing arrangement for its directors and officers insurance policy in the amount of $48,300. The financing arrangement bears interest at 11.5% and was fully paid in March 2013. As of September 30, 2013, the Company had repaid $48,300 of principal and had paid interest of $1,508 in cash.
On June 30, 2012, the Company entered into a financing arrangement for its clinical trial insurance in the amount of $24,438. The financing arrangement bears interest at 12.95% and was fully paid in June 2013. As of September 30, 2013, the Company had repaid $24,438 of principal and had paid interest of $1,393 in cash.
On February 28, 2013, the Company entered into a financing arrangement for its directors and officers insurance policy in the amount of $63,600. The financing arrangement bears interest at 7.25% and will be fully paid in 9 months from the date of issuance. As of September 30, 2013, the Company had repaid $49,549 of principal and had paid interest of $1,788 in cash. |