Quarterly report pursuant to Section 13 or 15(d)

Accrued Separation Costs

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Accrued Separation Costs
9 Months Ended
Sep. 30, 2018
Payables and Accruals [Abstract]  
Accrued Separation Costs

NOTE 6 –ACCRUED SEPARATION COSTS

 

On August 9, 2016, the Company entered into a separation agreement with an employee to pay $118,635 of accrued compensation over nine-years. This amount is included in accrued payroll and payroll related expenses in the accompanying balance sheets. This amount does not yield interest and matures as follows for the twelve-months ended September 30:

 

2019   $ 9,000  
2020     9,000  
2021     11,250  
2022     12,000  
2023     16,500  
Thereafter     46,135  
      103,885  
Less current portion     (9,000 )
    $ 94,885