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Related Party Transactions
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 3 - RELATED PARTY TRANSACTIONS

 

The Company is indebted to the officers of the Company for unpaid wages and bonuses from previous years that were converted into Notes. The balances at December 31, 2016 and 2015 are $421,045 to Mr. Reichman and $206,670 to Mrs. Griffin, respectively. The notes bear interest at 5% are due at October 1, 2017 and are unsecured. Accrued interest on the officer loans at December 31, 2016 is $136,264.

 

Due to officers, as of December 31, 2016 and 2015 totals $135,062 and $170,105, respectively. These balances consist of net cash advances, and unpaid expense reimbursements due to David Reichman. The payables and cash advances are unsecured, due on demand and do not bear interest. During 2016 Mr. Reichman advanced $450,624 to the Company to cover operating expenses, and was repaid $499,366. During 2015 Mr. Reichman advanced $118,338, to the Company and was repaid $83,000. At December 31, 2016 and 2015, the balances due Mr. Reichman are $135,062 and $170,105, respectively.

 

During 2016 and 2015, a board member advanced $3,000 and $31,800, respectively. These totals consist of several small advances, each covered by separate notes that bear interest at 6%, are unsecured, and are due one year after the date of the advance or longer if extended. The total notes payable to this board member at December 31, 2016 and 2015 amount to $116,300 and $113,300, respectively. All notes to this officer become due during 2016 and are recorded as current liabilities.