NOTE 6 - SHORT-TERM BANK REVOLVING LINES OF CREDIT

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

(6) SHORT-TERM BANK REVOLVING LINES OF CREDIT

(6) SHORT-TERM BANK REVOLVING LINES OF CREDIT

In 2016, the Company opened three short term revolving lines of credit with its bank to be utilized as overdraft protection and to cover short-term cash shortfalls. These lines were entered into by J&F Restaurants, LLC, with the two separate lines being tied to the bank accounts of El Senor Sol - Evergreen and Illegal Burger - Evergreen, and Illegal Burger, LLC - Arvada. In February 2017, the principal stockholder converted these lines to a personal line of credit collateralized as an equity line on his personal residence. The lines carried a variable interest rate of Wall Street Prime Index Rate plus 2.00%, which was 5.5% at December 31, 2016, and matures in March 2021. At September 30, 2017 the balances of these lines were $0; $0 and $0, respectively. At December 31, 2016 the balances were $20,000 for each line of credit.