Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
12 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
NOTE 7. NOTES PAYABLE

The Company and its subsidiaries issued $376,625, $311,297, $318,923 and repaid $0, $35,000, $7,000 in promissory notes, net of repayments during the years ended September 30, 2016, 2015 and 2014 respectively. The newly issued and existing promissory notes bear interest at rates of 8% - 12% per annum and are repayable on or before the first anniversary date of issuance. Included in Promissory Notes payable is $193,292 including accrued interest of $37,863 to Michael Lee – CEO at September 30, 2016. (As at September 30, 2015 Notes Payable plus accrued interest of $29,866 owing to Mr. Lee totaled $97,020. As at September 30, 2014 Notes Payable plus accrued interest of $29,829 owing to Mr. Lee totaled $67,117.). See also Related Party Transactions Note 13.

 

September 30,   2016     2015     2014  
Promissory Notes Issued and outstanding, net of repayments and conversions:   $ 1,497,576     $ 1,096,523     $ 916,750  
Interest accrued     614,525       459,795       411,766  
Promissory Notes Payable   $ 2,112,101     $ 1,556,318       1,328,516