| Notes payable |
Notes
payable are as follows:
| |
|
March
31, |
|
|
December
31, |
|
| |
|
2015 |
|
|
2014 |
|
| 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. |
|
|
5,000 |
|
|
|
5,000 |
|
| |
|
|
|
|
|
|
|
|
| Promissory
note dated July 25, 2014, issued to an accredited investor, maturing July 24, 2015, 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. |
|
|
150,000 |
|
|
|
150,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
109,306 |
|
|
|
109,306 |
|
| |
|
|
|
|
|
|
|
|
| 5%
Original issue discount senior secured convertible promissory note dated March 5, 2014, issued to accredited investors, maturing
September 5, 2015, bearing interest at a rate of 12% per annum. The fixed conversion price in effect was set at 90% of the
20-day VWAP of our common stock on February 5, 2014, or $0.30753 per share. |
|
|
38,377 |
|
|
|
248,902 |
|
| |
|
|
|
|
|
|
|
|
| 5%
Original issue discount senior secured convertible promissory note dated May 5, 2014, issued to accredited investors, maturing
November 5, 2015, bearing interest at a rate of 12% per annum. The fixed conversion price in effect was set at 90% of the
20-day VWAP of our common stock on February 5, 2014, or $0.30753 per share. |
|
|
337,719
|
|
|
|
482,456 |
|
| |
|
|
|
|
|
|
|
|
| 5%
Original issue discount senior secured convertible promissory note dated June 5, 2014, issued to accredited investors, maturing
December 5, 2015, bearing interest at a rate of 12% per annum. The fixed conversion price in effect was set at 90%
of the 20-day VWAP of our common stock on February 5, 2014, or $0.30753 per share. |
|
|
- |
|
|
|
146,197 |
|
| 5%
Original issue discount senior secured convertible promissory note dated July 1, 2014, issued to accredited investors, maturing
January 5, 2016, bearing interest at a rate of 12% per annum. The fixed conversion price in effect was set at 90% of the 20-day
VWAP of our common stock on February 5, 2014, or $0.30753 per share. |
|
|
- |
|
|
|
578,947 |
|
| |
|
|
|
|
|
|
|
|
| 5%
Original issue discount senior secured convertible promissory note dated July 31, 2014, issued to accredited investors, maturing
February 1, 2016, bearing interest at a rate of 12% per annum. The fixed conversion price in effect was set at 90% of the
20-day VWAP of our common stock on February 5, 2014, or $0.30753 per share. |
|
|
2,189,067 |
|
|
|
2,894,739 |
|
| |
|
|
|
|
|
|
|
|
| Convertible
promissory note dated February 27, 2015, issued to accredited investors, maturing August 27, 2016, bearing interest at a rate
of 12% per annum. The conversion price in effect is $0.1677, subject to adjustment. |
|
|
88,126 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total
Debt |
|
|
2,917,595 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
|
|
| Less
short-term portion |
|
|
2,829,469 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
|
|
| Long-term
portion |
|
$ |
88,126 |
|
|
$ |
- |
|
|