Skye Bioscience, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE

NOTE PAYABLE

9 Months Ended

Jul. 31, 2014

NOTE 6 - NOTE PAYABLE

	July 31, 2014			October 31, 2013

On May 19, 2014, we issued a 72 month, $50,000 fixed rate note payable (the "note") with an interest rate of 8.75%, which matures on June 5, 2020. The note was issued for the financing of a trailer, to be used for the benefit of the Company. The note calls for monthly payments of $895.09, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.	$	49,664		$	-

Total note payable	$	49,664		$	-
Less current portion of note payable		(6,658	)		-

Long-term portion of note payable	$	43,006		$	-

- Definition

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.

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