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Note 9. Related Party Transactions
9 Months Ended
Sep. 30, 2017
Notes  
Note 9. Related Party Transactions

Note 9.  Related Party Transactions

 

As of September 30, 2017, the President of the Company is owed deferred salary in the amount of $1,791,996 and the Vice President and the current Chairman of the Board of Directors of the Company is owed deferred salary in the amount of $121,140. The Board of directors agreed to pay interest at 9% per annum on the foregoing amounts owed. Interest expense under this agreement amounted to $120,584 and $100,390 for the nine months ended September 30, 2017 and 2016, respectively. Total interest accrued under this agreement totaled $640,926 and $520,342 as of September 30, 2017 and December 31, 2016, respectively.

 

See Notes 8 and 11 for other related party transactions.