Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEET

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 1,007,501 $ 506,986
Prepaid Expenses 48,742 13,437
Total Current Assets 1,056,243 520,423
PROPERTY AND EQUIPMENT, NET 12,500 18,750
OTHER ASSETS:    
Deferred Finance Costs, net 170,002 198,119
TOTAL ASSETS 1,238,745 737,292
CURRENT LIABILITIES:    
Accounts Payable 769,079 666,365
Due to Related Party 373,234 319,234
Loans Payable, Related Parties 275,979 245,979
Convertible Debentures Payable, less discount of $-0- and $500,490 at March 31, 2017 and December 31, 2016, respectively 240,000 6,886,710
Accrued Interest 311,824 2,659,574
Accrued Liabilities - Other 550,354 404,618
Total Current Liabilities 2,520,470 11,182,480
LONG TERM LIABILITIES:    
Convertible Debentures Payable, less discount of $638,809 and $73,953 at March 31, 2017 and December 31, 2016, respectively 14,053,030 3,176,047
Total Long Term Liabilities 14,053,030 3,176,047
TOTAL LIABILITIES 16,573,500 14,358,527
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT:    
Common stock, $.001 par value, 450,000,000 shares authorized; 137,445,347 and 136,745,347 issued and outstanding at March 31, 2017 and December 31, 2016 137,446 136,745
Additional Paid-In Capital 40,164,137 40,016,059
Accumulated deficit (55,636,338) (53,774,039)
Total Stockholders' Deficit (15,334,755) (13,621,235)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 1,238,745 $ 737,292