Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Long Term Loan (Tables)

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Notes Payable and Long Term Loan (Tables)
9 Months Ended
Sep. 30, 2017
Schedule of Note Payables

As of September 30, 2017, other notes payable outstanding totaled $974,903, all of which are past maturity.

 

    September 30,     December 31,  
    2017     2016  
             
Notes payable at beginning of period   $ 3,193,956     $ 2,333,751  
Notes payable issued     1,667,500       1,776,895  
Default interest added to note payable     -       62,500  
Accrued interest payable added to note payable     39,570       -  
Settlements on note payable     -       (55,000 )
Repayments of notes payable in cash     (96,000 )     (241,500 )
Less amounts converted to stock     (1,164,808 )     (682,690 )
Notes payable at end of period     3,640,218       3,193,956  
Less debt discount     (920,773 )     (1,145,849 )
    $ 2,719,445     $ 2,048,107  
                 
Notes payable issued to related parties   $ 170,000     $ 170,000  
Notes payable issued to non-related parties   $ 2,549,445     $ 1,878,107  

Schedule of Maturity Dates of Notes Payable and Long Term Loan

The maturity dates on the notes payable are as follows:

 

    Notes to        
12 months ending,   Related parties     Non-related parties     Total  
                   
September 30, 2018   $ 170,000     $ 3,470,218     $ 3,640,218  
    $ 170,000     $ 3,470,218     $ 3,640,218  

Long-term Debt [Member]  
Schedule of Maturity Dates of Notes Payable and Long Term Loan

Long Term Loan

 

The Company has financed the purchase of an automobile. The maturity dates on the loan are as follows:

 

Twelve months ending,      
September 30, 2018   $ 7,355  
    $ 7,355  
         
Current portion   $ 7,355  
Long term portion   $ -