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DEFERRED SALARIES
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
7. DEFERRED SALARIES

The Company has accrued salaries owed to four individuals. Three of the individuals' employment contracts are expired. All balances due are fixed without any interest or other escalating cost. The Company does not expect to make any payments on these deferred wages during the next twelve months, but the balances are classified as current liabilities. An S-8 registration was filed in the second quarter of 2014 to register common stock for the conversion of a portion of the accrued debt to equity.

 

Deferred wages are $1,061,230 and $908,331 as of September 30, 2015 and December 31, 2014, respectively.