v3.8.0.1
Note 5 - Notes Payable: Schedule of notes payable obligations to related parties (Tables)
12 Months Ended
Dec. 31, 2017
Tables/Schedules  
Schedule of notes payable obligations to related parties

 

 

2017

 

2016

Note payable to a related party in which the note accrues interest on the original principal balance at a rate of 15% interest annually and is due on demand.

$

151,891

$

151,891

 

 

 

 

 

Notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 12% interest annually and is due on demand. The note payable principal and interest at the election of the lender can be converted to restricted shares of common voting stock at $.04 per share.

 

50,000

 

50,000

 

 

 

 

 

Various notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 10% interest annually and is due on demand. The notes payable principal and interest at the election of the lenders can be converted to restricted shares of common voting stock at $.04 per share.

 

803,888

 

803,888

 

 

 

 

 

Various notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 8% interest annually and is due on demand.

 

91,626

 

76,626

 

 

 

 

 

Various notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and was scheduled to mature in October 2017 and is currently due on demand.

 

91,000

 

25,000

 

 

 

 

 

Note payable to a related party in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is due in August 2019.

 

8,000

 

-

 

 

 

 

 

Note payable to a related party in which the note bears no interest and is scheduled to mature on demand.

 

25,000

 

-

 

 

 

 

 

Note payable to a related party in which the note accrues interest on the original principal balance at a rate of 9% interest annually and is scheduled to mature in October 2019.

 

125,000

 

-

 

 

 

 

 

Various notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 10% interest annually through December 31, 2016 at which time the interest rate is reduced to 6.25% interest annually. The notes are scheduled to mature at various date through July 2021.

 

211,534

 

118,927

 

 

 

 

 

Total Related Party Notes Payable

 

1,557,938

 

1,226,332

 

 

 

 

 

Current Portion of Related Party Notes Payable

 

1,376,612

 

1,159,390

 

 

 

 

Long-term Portion of Related Party Notes Payable

$

181,326

$

66,942