Note 7 - Short Term Loans Payable

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Short-term Debt [Text Block]

NOTE

7

–

SHORT TERM LOANS

PAYABLE

Short-term loans payable consist of the following at

December

31,

2016

and

2015:

Description	2016		2015
Short-term loan payable to Global Holdings International, LLC, which bears interest at 12% per annum. This note originally matured on June 30, 2015 and became due on demand. Subsequently, the maturity date was extended to June 30, 2016, secured by the Company’s equipment.	$	9,675,000	$	9,865,615
Short-term mortgage payable to ARG & Pals, Inc., for the original amount of $385,000 CAD. It bears interest at 22% per annum with a maturity of March 21, 2017.		287,287		-
Total Short-term Loan Payable	$	9,962,287	$	9,865,615