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Notes Payable
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Notes Payable

NOTE 5 - NOTES PAYABLE

 

(a) NOTES PAYABLE

 

Notes payable consist of various notes bearing interest at rates from 5% to 8%, which are unsecured, with due dates between August 2000 and October 2018. Many notes with maturity dates that have passed are currently in default with the remaining note due on dates as specified below. At March 31, 2018 and December 31, 2017, notes payable amounted to $1,822,236 and $1,822,236, respectively. Below is a table summarizing the notes owed by the Company.

 

Principal     Interest Rate     Interest Expense 3/31/2018     Interest Expense 3/31/2017     Maturity
  5,099       5 %     64       64     10/5/2018
  32,960       5 %     412       412     10/5/2018
  32,746       5 %     409       409     10/5/2018
  5,000       5 %     75       75     10/5/2018
  388,376       5 %     4855       4855     10/5/2018
  192,000       0 %     3360       3360     10/5/2018
  18,000       6 %     270       270     9/1/2002
  30,000       6 %     450       450     9/12/2002
  25,000       5 %     313       313     8/31/2000
  40,000       7 %     700       700     7/10/2002
  5,000       6 %     75       75     10/28/2013
  107,000       0 %     1355       1355     1/31/2017
  409,920       5 %     5124       5124     10/5/2018
  11,125       5 %     139       139     10/5/2018
  200,000       5 %     2500       2500     10/5/2018
  6,670       5 %     83       83     10/5/2018
  131,700       6.00% & 8.00%       1,976       1,976     10/5/2018
  116,300       6 %     1,840       1,840     3/14-11/15
  65,340       6 %     980       980     03/16-12/16
                                 
$ 1,822,236               24,979       26,228      

 

(1) Imputed interest due to 0% interest rate