NOTE 6 - RELATED PARTIES |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Related Party Transactions [Abstract] | |
| NOTE 6 - RELATED PARTIES |
NOTE 6 RELATED PARTIES
Notes, Loans and Accounts Payable
As of June 30, 2016 and December 31, 2015 there were various notes and loans payable to related parties totaling $449,799 and $486,964, respectively, with related unpaid interest of $59,136 and $50,873 respectively (see Note 3). The Company also has accounts payable-related parties due to officers for expense reimbursement and due to an affiliate for services in the total amount of 36,286 and $30,070 at June 30, 2016 and December 31, 2015, 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 year ending December 31, 2015 and we will not incur any additional fees going forward. At June 30, 2016 and December 31, 2015, $10,031 and $5,173, respectively, was due to the former parent under this agreement and is included in Accounts payable - related parties as disclosed above. |