Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS (Tables)

v3.21.1
RELATED PARTY TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
Outstanding notes payable and convertible notes payable to related parties consisted of the following as of December 31, 2020 and 2019:


   

December 31,

 

Name

 

2020

   

2019

 

Convertible Debt:

               

Convertible notes payable, interest at 12%, convertible at $0.08 per share, unsecured, due May 25, 2019

  $ 1,202,566     $ 1,302,566  

Convertible note payable, interest at 12%, convertible at $0.12 per share, unsecured, due between May 25, 2019 and August 1, 2019

    1,630,073       1,630,073  

Convertible notes payable, interest at 12%, convertible at $0.15 per share, unsecured, due between May 25, 2019 and March 31, 2020

    1,799,742       1,799,742  

Convertible notes payable, interest at 12%, convertible at $0.06 per share, unsecured, due between April 20, 2020 and December 24, 2023

    5,223,754       5,146,753  

Total

    9,856,135       9,879,134  

Less: short-term debt

    (9,437,192

)

    (6,593,459

)

Total long-term debt

    418,943       3,285,675  

Less: unamortized discounts

    (86,167

)

    (2,217,211

)

Net long-term debt

  $ 332,776     $ 1,068,464  
                 

Nonconvertible Debt:

               

Notes payable, no interest, unsecured, due upon demand

  $ 788,150     $ 754,600  

Total

  $ 788,150     $ 754,600  
Schedule of Maturities of Long-term Debt [Table Text Block]
Principal payments on convertible debt to related parties for each of the following five years is as follows:


2021

  $ 9,437,192  

2022

    341,953  

2023

    76,990  

2024

    -  

2025

    -  

Thereafter

    -  

Total

  $ 9,856,135