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Note 9 - Long-term Debt
3 Months Ended
Mar. 31, 2016
Notes  
Note 9 - Long-term Debt

NOTE 9 – LONG-TERM DEBT

 

Our long-term debt consisted of the following at March 31, 2016:

 

Long-term convertible debentures,     net of discount of $364,757 (see Note 5)

$134,893

 

 

Long-term note payable, net of discount of $223

29,777

 

 

Total

164,670

Current portion

29,777

 

 

Long-term debt

$134,893

 

 The long-term note payable is an unsecured note payable of $30,000 to an individual due July 30, 2016, with interest at 14% per annum.  Payment terms for the note payable are $350 per month for six months and $698 per month for sixty months, including interest. We are in default on the note payable at March 31, 2016 due to our failure to make timely payments in accordance with the terms of the note agreement.

 

Accrued interest payable for the long-term debt was $42,695 and $41,648 as of March 31, 2016 and December 31, 2015, respectively.