NOTE 5 - ACCRUED EXPENSES

9 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 5 — ACCRUED EXPENSES

Accrued expenses consisted of the following as of September 30, 2016 and December 31, 2015:

	September 30, 2016		December 31, 2015 (audited)
Amounts payable to the Guarantors of the Company’s loan agreement with Bank of America and Seaside Bank, including fees and interest	$	131,506	$	64,199
Interest payable on notes payable		563,174		467,664
Vendor accruals and other		146,429		147,244
Employee commissions, compensation, etc.		29,918		47,644
	$	871,027	$	726,751

During the nine months ended September 30, 2016, the Company issued an aggregate of 1,419,675 shares of its common stock in settlement of outstanding accounts payable and accrued expenses. In connection with the issuance, the Company incurred $134,967 net gain in settlement of debt.