10. ACCRUED INTEREST

6 Months Ended

Jun. 30, 2016

Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]

Other Liabilities Disclosure [Text Block]

10. ACCRUED INTEREST

At June 30 2016, accrued interest was $622,169.  Of this amount, $620,669 is convertible at the option of the note holders into the Company’s common stock a price of $0.25 per share, or a total of 2,482,676 shares. During the six months ended June 30, 2016, the Company paid cash for interest in the aggregate amount of $68,082.  The due date of accrued interest in the amount of $620,669 was extended to July 1, 2017 pursuant to an amendment to the September 2015 Notes Payable Extension Agreement (See Note 12) and is classified as a long-term liability on the Company’s balance sheet at June 30, 2016.

At December 31, 2015, accrued interest was $623,695.  Of this amount, $614,465  is convertible at the option of the note holders into the Company’s common stock a price of $0.25 per share, or a total of 2,457,860  shares. During the twelve months ended December 31, 2015, the Company paid cash for interest in the aggregate amount of $68,754.  The due date of accrued interest in the amount of $614,465 was extended to July 1, 2017 pursuant to an amendment to the September 2015 Notes Payable Extension Agreement (See Note 12) and is classified as a long-term liability on the Company’s balance sheet at December 31, 2015.