NOTES PAYABLE |
6 Months Ended |
|---|---|
Mar. 31, 2018 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE |
NOTE 4 – NOTES PAYABLE
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. The Company has repaid the note in full in the amount of $261,326 of principal, of which $106,387 was paid in the six months ended March 31, 2018. The Company has paid total interest of $9,067.
On February 28, 2018, the Company entered into a premium financing arrangement for its directors’ and officers’ insurance policy in the amount of $323,094. The financing arrangement bears interest at a rate of 7.29% per annum. As of March 31, 2018, the Company had repaid $35,192 of the loan and had recorded interest of $1,807. |