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NOTES PAYABLE
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6 Months Ended |
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Mar. 31, 2014
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| Notes Payable [Abstract] | |
| NOTES PAYABLE |
NOTE 3 NOTES PAYABLE
On April 1, 2013, the Company entered into a premium financing arrangement for its directors and officers insurance in the amount of $63,600. The financing arrangement bears interest at 7.25% and will be fully paid in 12 months from the date of issuance. As of December 31, 2013, the Company had repaid $63,600 of principal and had paid interest of $2,301 in cash. The note has been fully repaid as of March 31, 2014
On February 28, 2014, the Company entered into a premium financing arrangement for its directors and officers insurance in the amount of $194,000. The financing arrangement bears interest at 6.75% and will be fully paid in 9 months from the date of issuance. As of March 31, 2014, the Company had repaid $0 of principal and had paid interest of $0 in cash.
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