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Long-Term Debt Related Parties

3 Months Ended

Mar. 31, 2018

NOTE 3: LONG-TERM DEBT RELATED PARTIES

The following is a summary of long-term debt - related parties as of March 31, 2018 and December 31, 2017:

			2018		2017
Promissory note - CEO.	(a	)	$	689,830	$	591,512

Note payable - shareholder.	(b	)		32,000		32,000
			$	721,830	$	623,512

(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). During the three months ended March 31, 2018, the CEO made additional advances of $98,318. Interest expense on this loan for the three months ended March 31, 2018 was $23,428. Accrued interest on this loan at March 31, 2018 is $221,811.

(b)

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 three months ended March 31, 2018 was $1,200 Accrued interest on this loan at March 31, 2018 is $8,200. Satinder Thiara is a shareholder of the Company.

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