| Schedule Line of Credit Related Party |
As
of June 30, 2020, the Company had two lines of credit as follows:
| Creditor |
Interest
Rate |
Borrowing
Limit |
Repayment
Terms |
Amount
Outstanding |
Accrued
Interest |
Total |
Security |
Purpose |
| Chairman and CEO |
1%
per
Month |
$10,300,000 |
Due
on
Demand |
$ 10,200,673 |
$ 6,175,119 |
$ 16,375,792 |
General
Security
over
Assets |
General
Corporate
Requirements |
| Wife
of Chairman |
1%
per
Month |
2,000,000 |
Due
on
Demand |
2,000,000 |
2,096,318 |
4,096,318 |
General
Security
over
Assets |
General
Corporate
Requirements |
| Total |
|
$12,300,000 |
|
$
12,200,673 |
$
8,271,437 |
$
20,472,110 |
|
|
As
of December 31, 2019, the Company had 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 |
|
|
|