Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE

v3.6.0.2
NOTES PAYABLE
12 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

 

On February 28, 2016, the Company entered into a premium financing arrangement for its directors’ and officers’ insurance policy in the amount of $215,810. The financing arrangement bears interest at 7.0% per annum and will be fully paid in ten months from the date of issuance. As of September 30, 2016, the Company had repaid $128,012 of principal and had paid interest of $5,664.

 

On February 28, 2015, the Company entered into a premium financing arrangement for its directors and officers insurance in the amount of $212,400. The financing arrangement bears interest at 6.75% and will be fully paid in nine months from the date of issuance. As of September 30, 2016, the Company had repaid $212,400 of principal and had paid interest of $5,950.