NOTES PAYABLE |
9 Months Ended |
|---|---|
Jun. 30, 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 and is payable over a period of 10 months from issuance. The outstanding balance of the note at September 30, 2016 of $87,798 was fully paid during the nine months ended June 30, 2017. 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 7.5% per annum. As of June 30, 2017, the Company had repaid $102,681 of principal and had paid interest of $5,477. |