Long-Term Debt Related Parties

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Long-Term Debt Related Parties

NOTE 5: LONG-TERM DEBT RELATED PARTIES

The following is a summary of long-term debt - related parties as of September 30, 2017 and December 31, 2016:

		2017		2016
Promissory note - CEO.	(a)	$	557,582	$	226,707
Amounts due to OmniM2M. These advances eliminate in consolidation for 2017 as a result of the reverse merger.	(b)		-		12,591
Note payable - shareholder.	(c)		32,000		10,000
		$	589,582	$	249,298

(a) This is a loan from the CEO entered into January 1, 2015, and is unsecured. The loan bears interest at 15% annually (1.25% monthly). Interest expense on this loan for the nine months ended September 30, 2017 and 2016 was $48,077 and $15,890, respectively. Accrued interest on this loan at September 30, 2017 is $174,108

(b) This is an unsecured note (advance) from OmniM2M. These funds are used to pay for the employee benefits of OmniM2M. There is no interest charged on this amount, and the companies have common shareholders and management.

(c) Note payable to Satinder Thiara entered into December 13, 2016, at interest rate of 15% annually (1.25% monthly). This is an unsecured loan. Interest expense on this loan for the nine months ended September 30, 2017 was $2,365. Accrued interest on this loan at September 30, 2017 is $4,565. Satinder Thiara is a shareholder of the Company.

The entire balance is reflected as a current liability as the amounts are due on demand.