| Notes payable |
Notes payable is as follows:
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December 31, |
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December 31, |
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2013 |
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2012 |
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| Senior secured promissory note dated July 15, 2011, issued to an accredited investor, maturing July 15, 2012, bearing interest at a rate of 15% per annum. The maturity date has been extended until March 15, 2013. Principal in the amount of $150,000 was paid during the twelve months ended December 31, 2012. The balance of principal and interest was paid in stock during the quarter ended March 31, 2013. |
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$ |
- |
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$ |
100,000 |
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| Unsecured promissory demand note dated May 7, 2012, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
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5,000 |
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|
5,000 |
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| |
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|
|
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|
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| Promissory note dated July 26, 2013, issued to an accredited investor, maturing July 15, 2014, bearing interest at a rate of 12% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
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150,000 |
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|
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150,000 |
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| |
|
|
|
|
|
|
|
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| Unsecured promissory demand notes, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
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109,306 |
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109,306 |
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| |
|
|
|
|
|
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| Unsecured promissory demand note, issued to an accredited investor, bearing interest at a rate of 15% per annum. |
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3,474 |
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|
|
- |
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| |
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| Senior secured promissory notes dated July 26, 2013, issued to accredited investors, maturing April 26, 2013, bearing interest at a rate of 6% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
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250,000 |
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- |
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Senior secured
promissory notes dated October 10, 2013, issued to accredited investors, maturing April 5, 2014, bearing interest at a rate of
6% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior
to maturity at the holders option. $270,100 was converted in the fourth quarter ended December 31, 2013.
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54,900 |
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|
- |
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| |
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Senior secured promissory note
dated October 10, 2013, issued to an accredited investor, maturing May 22, 2014, bearing interest at a rate of 6% per annum. Principal
and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders
option.
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50,000 |
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|
- |
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|
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| Senior secured promissory notes dated November 22, 2013, issued to accredited investors, maturing May 15, 2014, bearing interest at a rate of 6% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
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275,000 |
|
|
|
- |
|
| |
|
|
|
|
|
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| Senior secured promissory notes dated December 5, 2013, issued to accredited investors, maturing July 1, 2014, bearing interest at a rate of 12% per annum. |
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300,000 |
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- |
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$ |
1,197,680 |
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$ |
364,306 |
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