Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS (Tables)

v2.4.0.8
RELATED PARTY TRANSACTIONS (Tables)
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
The following table summarizes principal and interest owed to the CEO December 31, 2013. There were no loans payable to the CEO at September 30, 2014.
 
 
 
December 31, 2013
 
 
 
Principal
 
Interest
 
Total
 
6% Note
 
$
266,663
 
$
51,432
 
$
318,095
 
10% Note
 
 
800,000
 
 
176,475
 
 
976,475
 
20% Note [1]
 
 
63,936
 
 
4,569
 
 
68,505
 
Total
 
$
1,130,599
 
$
232,476
 
$
1,363,075
 
 
[1] This note bore interest at 20% because it was denominated in Argentine pesos, which have been subject to significant devaluation in recent years. This note was repaid in full as of September 30, 2014.