Related Party Transactions

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016.

	September 30, 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 $287,000 and $164,000 at September 30, 2017 and December 31, 2016, respectively and increased interest expense by approximately $ 123,000 for each of the nine months ended September 31, 2017 and 2016.