Note 7 - Notes Payable

3 Months Ended

Mar. 31, 2016

Notes

Note 7 - Notes Payable

NOTE 7 – NOTES PAYABLE

We had short-term notes payable to certain individuals and companies totaling $540,328 and $459,801 as of March 31, 2016 and 2015, respectively.  As of March 31, 2016, the notes are unsecured and bear interest at rates ranging from 0% to 18%.  As of March 31, 2016, several of the notes payable were delinquent.  We believe we have good relationships with the note holders, and we continue to have discussions with them regarding the extension of maturity dates or settlement of amounts due.  Several of the convertible debentures have default interest rates that apply when the debentures are delinquent.

Accrued interest payable for the short-term notes payable, including accrued default interest where applicable, was $102,781 and $82,144 as of March 31, 2016 and December 31, 2015, respectively.