Note 5 - Loan Payable, Related Parties
|9 Months Ended|
Sep. 30, 2017
|Note 5 - Loan Payable, Related Parties||
NOTE 5 LOAN PAYABLE, RELATED PARTIES
During the year ended December 31, 2016, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, advanced the Company $20,000, for a total owed of $176,405. The Company has agreed to pay 11% interest on this loan. As of September 30, 2017 and December 31, 2016, accrued interest on this indebtedness totaled $59,652 and $40,231, respectively, and is included in Accrued Liabilities on the Condensed Consolidated Balance Sheet.
HEP Investments, LLC
In addition to amounts owed to HEP Investments pursuant to Convertible Debt (see Note 6), as of January 1, 2016, the Company owed HEP Investments $178,702. During the year ended December 31, 2016, HEP Investments loaned the Company an additional $1,890,872. Pursuant to the terms of the agreement with HEP Investments, $2,000,000 of these loans were recorded as 11% Convertible Secured Promissory Notes, leaving a remaining balance of $69,574 as of December 31, 2016.
During the nine months ended September 30, 2017, HEP Investments loaned the Company $3,598,040 (see Note 6 - Convertible Debt). Pursuant to the terms of our agreement with HEP Investments, $3,500,000 of these loans were converted to 11% Convertible Secured Promissory Notes, leaving a remaining balance of $167,614 as of September 30, 2017.
Represents the textual narrative disclosure of NOTE 5 - LOAN PAYABLE, RELATED PARTIES, during the indicated time period.
No definition available.