NOTES PAYABLE |
6 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE |
NOTE 4 – 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 a rate of 7% per annum. The Company had repaid the loan in full during the six month period ended March 31, 2016 and had paid total interest of $6,984.
On February 28, 2017, the Company entered into a premium financing arrangement for its directors and officers insurance policy in the amount of $261,326. The financing arrangement bears interest at a rate of 7.5% per annum. As of March 31, 2017, the Company had repaid $0 of the loan and had recorded interest of $1,504.
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