Quarterly report pursuant to Section 13 or 15(d)

Notes Payable - Related Parties

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Notes Payable - Related Parties
6 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
NOTES PAYABLE - RELATED PARTIES

4. NOTES PAYABLE – RELATED PARTIES

 

The aggregate principal balance as of March 31, 2020 consists of notes payable held by our Chairman, Leonard Mazur, in the amount of $160,470 and notes payable held by our Chief Executive Officer, Myron Holubiak, in the amount of $12,500. Notes with an aggregate principal balance of $104,000 accrue interest at the prime rate plus 1.0% per annum and notes with an aggregate principal balance of $68,970 accrue interest at 12% per annum.

 

Interest expense on notes payable – related parties was $3,980 and $4,105, respectively, for the three months ended March 31, 2020 and 2019. Interest expense on notes payable – related parties was $7,971 and $8,108, respectively, for the six months ended March 31, 2020 and 2019.