ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

NOTE 5 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2015 and 2014 are comprised of the following:

	2015		2014
Accounts payable	$	740,881	$	1,025,919
Accrued interest		1,912,436		1,473,686
Payroll and related accruals, net of advance to employees		827,263		888,640
Total	$	3,480,580	$	3,388,245

During the year ended December 31, 2014, the Company settled an accounts payable of $320 for $-0- resulting in a gain on settlement of debt of $320.

During the year ended December 31, 2015, the Company settled or wrote off old outstanding accounts payable for less than the recorded liability and recognized a $650,319 gain on old debt.