Annual report pursuant to Section 13 and 15(d)

NOTE 12 - RELATED PARTIES

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NOTE 12 - RELATED PARTIES
 12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
NOTE 12 - RELATED PARTIES

NOTE 12 – RELATED PARTIES

 

Notes, Loans and Accounts Payable

 

As of December 31, 2015 and December 31, 2014 there were various notes and loans payable to related parties totaling $486,964 and $75,000, respectively, with related unpaid interest of $47,959 and $38,373 respectively (see Note 6). The Company also has accounts payable-related parties due to an officer for expense reimbursement and due to an affiliate for services in the total amount of $30,070 and $53,122 at December 31, 2015 and 2014, respectively.

 

Administrative Services Agreement

 

On December 1, 2002, the Company and the former parent entered into an Administrative Services Agreement whereby the former parent agreed to provide administrative and support services including but not limited to, (a) rent and general infrastructure, (b) human resource management services, and (c) accounting and financial services and other miscellaneous services. The monthly fee was subject to adjustments in accordance with the actual services rendered. There were no fees incurred with the former parent for the years ending December 31, 2015 and 2014 and we will not incur any additional fees going forward. At December 31, 2015 and 2014, $5,173 and $19,897, respectively, was due to the former parent under this agreement and is included in Accounts payable - related parties as disclosed above.