|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.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef