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Note 4 - Notes Payable - Related Parties
9 Months Ended
Sep. 30, 2016
Notes  
Note 4 - 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 nine month period ended September 30, 2016, the Company received $17,400 in additional cash loans from a related party, leaving a balance of $1,316,869 as of September 30, 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 $471,569 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.