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, 2018
Notes to Financial Statements  
Note 6 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following as of December 31, 2018 and 2017:

 

    2018     2017  
Accounts payable   $ 656,354     $ 714,823  
Interest payable on notes payable     898,234       483,075  
Deferred rent     764       1,638  
    $ 1,554,652     $ 1,199,536  

 

During the year ended December 31, 2018, the Company issued an aggregate of 4,236 shares of common stock in settlement of outstanding accounts payable. In connection with the settlement, the Company incurred a gain on settlement of debt of $847.