Related Party Transactions Disclosure [Text Block] |
7. | NOTES PAYABLE, RELATED PARTIES | Notes payable, related parties consist of the following as of September 30, 2015 and 2014: | | September 30, | | | | 2015 | | 2014 | | Notes Payable, Related Parties | | | | | | | | | | | | | | | | Unsecured notes payable, bearing interest at 6% per annum, issued on December 31, 2013, due 12 months from date of issuance. | | | - | | | 164,605 | | Unsecured notes payable, no stated interest, issued on January 14, 2014, payable upon demand. | | | 157,302 | | | 157,302 | | Unsecured note payable to an employee of the Company, issued on May 16, 2014, bearing interest at 6% per annum, due 12 months from date of issuance. The note is past due. | | | 50,000 | | | 50,000 | | Unsecured notes payable, bearing interest at 6% per annum, issued on May 16, 2014, due 12 months from date of issuance. The notes are past due. | | | 80,000 | | | 125,697 | | Total Related Party Notes Payable, current | | $ | 287,302 | | $ | 497,604 | | During the years ended September 30, 2015 and 2014, the Company recorded interest expense of $22,381 and $21,375 respectively, related to the related party notes.
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