Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

Note F – Related Party Transactions 

Notes payable – Related Parties consisted of the following:

The notes to the former member of the Board of Directors are in default and the Company has included approximately $1,347,828 of accrued interest in accrued expenses at March 31, 2017 and December 31, 2016.

	March 31, 2017	December 31, 2016
R Kiphart – Former Member of Board of Directors – Unsecured (a)	$             1,045,000	$             1,045,000
R Kiphart – Former Member of Board of Directors – Secured (a)	50,000	50,000
Legacy Shareholders (a)	149,185	149,185
Miscellaneous	5,611	5,611
Current Management	8,391	8,391
Total Notes Payable – Related Parties	$            1,258,187	$            1,258,187

(a) The Company no longer has contact with these holders and, accordingly, has not accrued interest on such notes since December 2015.  Such accrual would have increased accrued expenses by approximately $41,062 and $164,248 at March 31, 2017 and December 31, 2016, respectively and increased interest expense by approximately $41,062 for each of the three months ended March 31, 2017 and 2016.