Annual report pursuant to Section 13 and 15(d)

Note 5 - Due to Related Party

v3.8.0.1
Note 5 - Due to Related Party
12 Months Ended
Dec. 31, 2017
Notes  
Note 5 - Due to Related Party

NOTE 5 – DUE TO RELATED PARTY

 

As of December 31, 2017 and 2016, the Company owed HEP Investments, a noteholder and significant shareholder of the Company, had cumulative balances of $475,834 and $319,234, respectively. The basis for the payable is a 5.4% cash finance fee for monies invested in the Company in the form of convertible debt. For the years ended December 31, 2017 and 2016, the Company incurred finance costs related to these transactions of $216,000 and $108,000, respectively.