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Note C - Convertible Notes Payable Related Party: Schedule of Notes Payable Related Party (Tables)
12 Months Ended
Dec. 31, 2016
Tables/Schedules  
Schedule of Notes Payable Related Party

 

Notes payable consist of the following:

Schedule of Notes Payable Related Party

 

December 31, 2016

 

December 31, 2015

Secured convertible promissory note from a shareholder; interest rate of 6% through December 31, 2014, 7% through December 31, 2015, 8% through December 31, 2016, 8.5% through December 31, 2017, and 9% through May 31, 2018, with fixed monthly payments of $3,301 through the Maturity Date, at which time the remaining balance of principal and all accrued interest shall be due and payable; matures May 31, 2018; secured by all tangible and intangible assets of the Company (1)

$ 144,966   

 

$ 171,799   

 

 

 

 

Secured convertible promissory note from a shareholder; interest at 6%, requires monthly installments of interest only through May 31, 2014, then requires monthly installments of $600 including principal and interest; matures May 31, 2023; secured by certain  equipment of the Company (2)

38,286   

 

43,037   

 

183,252   

 

214,836   

 

 

 

 

Less current portion

46,811   

 

46,811   

 

 

 

 

Convertible notes payable, related party - less current portion

$ 136,441   

 

$ 168,025