Coretec Group Inc (CRTG)

[Clonefan]

Keen Salary is Accrued Debt!

Common stock $0.0002 par, 1,500,000,000 shares authorized; 1,042,491,151 and 539,674,567 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively

Mr. Victor F. Keen, Chief Executive Officer of the Company, has entered into several advancement transactions, whereby Mr. Keen provided funds to the Company. Specifically, Mr. Keen advanced the Company $145,000 in October 2015 and $103,000 in July, August, and September 2015. In addition, Mr. Keen has previously advanced the Company $34,000 in November 2014. The total amount of these advancements by Mr. Keen to the Company, as of the date of this filing, is $282,000 and is included in accounts payable.

The Company is also indebted to Mr. Keen for his accrued salary from January 1, 2014 through September 30, 2015 totaling $262,500 and is included in accrued salaries. Additionally, Mr. Keen holds two convertible debentures (see Note 4 to the financial statements) totaling $75,000 which are included in debentures payable.