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Note 6 - Notes Payable - Related Parties
3 Months Ended
Mar. 31, 2016
Notes  
Note 6 - Notes Payable - Related Parties

NOTE 4 – NOTES PAYABLE – RELATED PARTIES

 

As of December 31, 2015 the Company owed $1,299,469 to related parties.  During the three month period ended March 31, 2016, the Company received $0.00 in additional cash loans from and had $0.00 in expenses paid on the Company's behalf by a related party, leaving a balance of $1,299,469 as of March 31, 2016.  Of this total, $595,800 is unsecured, bears interest at 6 percent per annum, and is due on demand; $200,000 is unsecured, bears a flat owed interest amount of $46,000, and is due on demand; and the remaining $457,669 is unsecured, bears no interest, and is due on demand.
Included in the related party notes payable balance is a $50,000 penalty fee associated with one of its related party notes due to nonpayment.