Quarterly report pursuant to Section 13 or 15(d)

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Note 6 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following as of September 30, 2017 and December 31, 2016:

 

   

September 30,

2017

    

December 31,

2016

  
Amounts payable   $ 280,008     $ 768,345  
Interest payable on notes payable     394,204       168,785  
Deferred rent     1,627       808  
    $ 675,839     $ 937,938  

 

During the nine months ended September 30, 2017, the Company settled old outstanding debt with vendors recognizing a $275,924 gain on settlement of debt.