Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.6.0.2
Notes Payable
6 Months Ended
Dec. 31, 2016
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 6 - NOTES PAYABLE

 

In June 2016, the Company entered into a note for approximately $273,700 in conjunction with a renewal of its director and officer insurance policy. The interest rate was 2.1% per annum.

 

In June 2015, the Company entered into a note for approximately $263,800 in conjunction with a renewal of its director and officer insurance policy. The interest rate was 2.8% per annum. This note has been paid in full.

 

At December 31, 2016 and June 30, 2016, the note payable outstanding balances were approximately $110,000 and $273,700, respectively.