| Notes payable |
Notes payable is as follows:
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March 31, |
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December 31, |
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2014 |
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2013 |
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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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| 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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150,000 |
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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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| 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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3,474 |
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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 was be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option during the quarter ended March 31, 2014. |
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- |
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250,000 |
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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 was be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option during the quarter ended March 31, 2014. |
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- |
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54,900 |
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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. $25,000 was converted during the quarter ended March 31, 2014. |
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25,000 |
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50,000 |
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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. $175,000 was converted during the quarter ended March 31, 2014. $100,000 principal plus accrued interest was paid during the quarter ended March 31, 2014. |
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- |
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275,000 |
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| Senior secured promissory notes dated December 5, 2013, issued to accredited investors, maturing July 1, 2014, bearing interest at a rate of 12% per annum. |
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300,000 |
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300,000 |
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| Demand promissory notes dated January 7, 2014, issued to an accredited investor, maturing August 7, 2014, bearing interest at a rate of 12% per annum. |
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100,000 |
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- |
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5% Original issue discount senior secured convertible promissory note dated February 5, 2014, issued to accredited investors, bearing interest at a rate of 12% per annum. The fixed conversion price in effect shall be 90% of the 20 day VWAP of Company Common Stock prior to February 5th, 2014.
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842,105 |
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- |
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5% Original issue discount senior secured convertible promissory note dated March 5, 2014, issued to accredited investors, bearing interest at a rate of 12% per annum. The fixed conversion price in effect shall be 90% of the 20 day VWAP of Company Common Stock prior to February 5th, 2014.
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842,105 |
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- |
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$ |
2,376,990 |
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$ |
1,197,680 |
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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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|
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|
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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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|
150,000 |
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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 |
|
|
|
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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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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|
|
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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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- |
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|
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|
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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 |
|
|
|
- |
|
| |
|
$ |
1,197,680 |
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$ |
364,306 |
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