Annual report pursuant to Section 13 and 15(d)

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Note 7 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following as of December 31, 2017 and 2016:

 

    2017     2016  
Amounts payable   $ 714,823     $ 768,345  
Interest payable on notes payable     483,075       168,785  
Deferred rent     1,638       808  
    $ 1,199,536     $ 937,938  

 

During the year ended December 31, 2017, the Company settled old outstanding debt with vendors recognizing a $296,592 gain on settlement of debt.