| NOTE 4. NOTES PAYABLE |
| |
|
December
31,
2016 |
|
|
June
30,
2017
|
|
| |
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 8/3/2012, interest rate 0%. Currently in default. Principal balance including interest to be
paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
1,950 |
|
|
$ |
1,950 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable to
related party, unsecured, due 12/31/2012, interest rate 0%. Currently in default. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
11,810 |
|
|
$ |
11,810 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, $731,763, 5-years at 0% simple interest, due 7/1/2016, payment amounts vary each month, various
late penalties. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or
sales revenue. |
|
$ |
180,001 |
|
|
$ |
180,001 |
|
| Note payable to
non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holders option at $0.3235688 per TBT
- DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 11/8/12, quarterly interest due, convertible at holders option at $0.3235688 per
TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/17/12, quarterly interest due, convertible at holders option at $0.3235688 per
TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/18/12, quarterly interest due, convertible at holders option at $0.3235688 per
TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| Note payable to
non-related party, unsecured, due 2/8/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
750 |
|
|
$ |
750 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/8/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
6,875 |
|
|
$ |
6,875 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/15/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/20/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
3,750 |
|
|
$ |
3,750 |
|
| Note payable to
non-related party, unsecured, due 2/21/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE.
share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
2,625 |
|
|
$ |
2,625 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 3/20/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
5,433 |
|
|
$ |
5,433 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 3/22/13, annual interest due, convertible at holders option at $0.3235688 per TBT-DE
share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
3,203 |
|
|
$ |
3,203 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 08/29/2013, simple interest 8% convertible at holders option at $.249 per TBT-CA
share. Currently in default. Principal balance including interest to be paid upon receipt of equity funding and/or sales revenue.
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
related party, unsecured, due 03/01/2013, simple interest 9%. Currently in default. Principal balance including interest to
be paid upon receipt of equity funding and/or sales revenue. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 01/31/2013, simple interest 18%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
3,938 |
|
|
$ |
3,938 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 01/23/2014, simple interest 9% convertible at holders option at $.08 per TBT-DE share
Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 07/02/2014, simple interest 9% convertible at holders option at $.04 per TBT-DE share
Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 10/25/2013, simple interest 18% convertible at holders option at $.016 per TBT-DE
share Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales
revenue. |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 12/27/2013, simple interest 9% quarterly, Currently in default. Principal balance including
interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 9/11/2014, simple interest 10% yearly. Currently in default. Principal balance including
interest to be paid upon the receipt of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 11/12/2014, simple interest 9% convertible at holders option at $0.04 per TBT-DE share,
currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
11,000 |
|
|
$ |
11,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 4/08/2015, simple interest 7% convertible at holders option at $0.0072 per TBT-DE share.
Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue.
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
related party, unsecured, due 8/05/2015, simple interest 7%, default interest 10%. Currently in default. Note contains a stock
option. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party unsecured, due 12/02/2015, simple interest 7%, default interest 10%. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. Currently in default. |
|
$ |
106,334 |
|
|
$ |
31,662 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 3/26/2016, simple interest 8%, convertible at holders option at $0.0017 per TBT-DE
share. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Currently
in default. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 4/11/2016, simple interest 10%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Currently in default. |
|
$ |
13,000 |
|
|
$ |
13,000 |
|
| Note payable to
related party, unsecured, due 11/11/2015, simple interest 10%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Currently in default. |
|
$ |
45,000 |
|
|
$ |
45,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 11/11/2015, simple interest 10%. Principal balance including interest to be paid upon the
receipt of equity funding and/or sales revenue. Currently in default. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 12/26/2015, simple interest 10%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Currently in default. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due on demand, simple interest 10%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. |
|
$ |
15,277 |
|
|
$ |
15,277 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 7/23/2016, simple interest 10%. Currently in default. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 5/1/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
3,750 |
|
|
$ |
3,750 |
|
| Note payable to
related party, unsecured, due 11/9/2016, simple interest 7%. Currently in default. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 7/26/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
3,900 |
|
|
$ |
3,900 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 8/03/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 9/28/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 10/05/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| Note payable to
related party, unsecured, due 11/15/2017, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 01/16/2018, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
- |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 02/06/2018, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
- |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 03/12/2018, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
- |
|
|
$ |
5,000 |
|
| Note payable to
related party, unsecured, due 05/05/2018, simple interest 7%. Principal balance including interest to be paid upon the receipt
of equity funding and/or sales revenue. Note contains a stock option. |
|
$ |
- |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
790,596 |
|
|
$ |
765,924 |
|
| |
|
|
|
|
|
|
|
|
| Less
current - related parties |
|
|
(627,022 |
) |
|
|
(602,350 |
) |
| |
|
|
|
|
|
|
|
|
| Less
current non-related parties |
|
|
(163,574 |
) |
|
|
(163,574 |
) |
| |
|
|
|
|
|
|
|
|
| Long-term
related parties |
|
$ |
- |
|
|
$ |
- |
|
Required
principal payments from June 30, 2017 forward are as follows:
| 2017 |
|
$ |
715,924 |
|
| 2018 |
|
$ |
50,000 |
|
| 2019 |
|
$ |
- |
|
| 2020 |
|
$ |
- |
|
| 2021 |
|
$ |
- |
|
| |
|
$ |
765,924 |
|
Interest
expense under notes payable for the six months ended June 30, 2017 and June 30, 2016 was $56,876 and $58,477 respectively.
During
the six months ended June 30, 2017 and June 30, 2016 the Company recognized a beneficial conversion feature expense on borrowing
from convertible notes of $21,500 and $6,250, respectively.
Interest
payments of $270,517 on the Companys borrowings with a principal amount of $611,745 was overdue as of June 30, 2017. The
principal and interest balances on the notes in default are expected to be settled/paid upon the receipt of funds from operating
or financial activities.
|