Note 7 - Amounts Due Related Party

6 Months Ended

Jun. 30, 2014

Notes

Note 7 - Amounts Due Related Party

NOTE 7 – AMOUNTS DUE RELATED PARTY

Amounts due to related party consists of a note due to Robert P. Martin, former Chairman of our Board of Directors, resulting from a debt settlement agreement entered into in April 2010.  The repayment terms of the note were restructured as part of a consulting agreement entered into with Mr. Martin effective September 1, 2011.  The obligation was paid 50% in November 2011, with the remaining 50% payable on or before February 27, 2012.  The remaining note payable balance and related accrued interest payable were still outstanding as of the date of filing this report.  At June 30, 2014 and December 31, 2014, the note payable had a principal balance of $115,066, and related accrued interest payable was $17,837 and $14,413, respectively.