| Schedule Line of Credit Related Party |
As
of December 31, 2019, the Company has two lines of credit as follows:
| Creditor |
Interest
Rate |
Borrowing
Limit |
Repayment
Terms |
Principal
Borrowed |
Accrued
Interest |
Total
Outstanding |
Security |
Purpose |
| Chairman
and CEO |
1%
per Month |
$10,300,000 |
Due
on Demand |
$
9,757,325 |
$5,576,997 |
$15,334,322 |
General
Security over Assets |
General
Corporate Requirements |
| Wife
of Chairman |
1%
per Month |
2,000,000 |
Due
on Demand |
2,000,000 |
1,976,385 |
3,976,385 |
General
Security over Assets |
General
Corporate Requirements |
| Total |
|
$12,300,000 |
|
$11,757,325 |
$7,553,382 |
$19,310,707 |
|
|
As
of December 31, 2018, the Company has two lines of credit as follows:
| Creditor |
Interest
Rate |
Borrowing
Limit |
Repayment
Terms |
Principal
Borrowed |
Accrued
Interest |
Total
Outstanding |
Security |
Purpose |
| Chairman
and CEO |
1%
per Month |
$
8,500,000 |
Due
on Demand |
$
9,024,235 |
$
4,501,030 |
$13,525,265 |
General
Security over Assets |
General
Corporate Requirements |
| Wife
of Chairman |
1%
per Month |
2,000,000 |
Due
on Demand |
2,000,000 |
1,736,385 |
3,736,385 |
General
Security over Assets |
General
Corporate Requirements |
| Total |
|
$10,500,000 |
|
$
11,024,235 |
$
6,237,415 |
$17,261,650 |
|
|
|