Note 7 - Notes and Loans Payable To Related Parties

9 Months Ended

Sep. 30, 2015

Notes

Note 7 - Notes and Loans Payable To Related Parties

NOTE 7 – Notes and Loans Payable to Related Parties

Notes and loans payable consisted of:

	September 30,	December 31,
	2015	2014	2013
Note payable issued to investor on August 20, 2015, non-interest bearing, due the earlier to occur of (a) December 18, 2015 or (b) closing of Company sales of WRAP common stock for at least $200,000- less unamortized debt discount of $15,758 at September 30, 2015	$            9,242	$                              -	$                           -
Loans payable to McKenzie Webster Limited, an entity controlled by Rolv E. Heggenhougen (WRAP chairman of the board of directors since inception on October 11, 2005; WRAP chief executive officer from inception on October 11, 2005 to January 5, 2015), interest at 5%	-	-	36,000
Loan payable to Rolv E. Heggenhougen, interest at 5% due on demand	-	-	10,000
Total	$            9,242	$                              -	$                46,000

In August 2013 (see Note 8), the Company issued 160,000,000 shares of WRAP common stock to McKenzie Webster Limited (“MWL”) in satisfaction of $319,000 loans payable to MWL.

In December 2014, MWL and Rolv E. Heggenhougen forgave a total of $67,000 loans payable and $20,242 accrued interest payable due them.

On January 5, 2015 (see Note 8), the Company issued 70,166,750 shares of WRAP common stock to Marco Alfonsi in satisfaction of $22,270 Prosperity loans payable to Marco Alfonsi.

On November 16, 2015, the Company repaid the remaining $25,000 balance of the Note.