| Notes payable |
| |
|
September 30, |
|
|
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 holder's 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. |
|
|
- |
|
|
|
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. |
|
|
96,491 |
|
|
|
482,456 |
|
| |
|
|
|
|
|
|
|
|
| 5% Original issue discount senior secured convertible promissory note dated June 5, 2014, issued to accredited investors, 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, 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. |
|
|
741,698 |
|
|
|
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. |
|
|
130,866 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Convertible promissory note dated April 7, 2015, issued to accredited investors, maturing October 7, 2016, bearing interest at a rate of 12% per annum. The conversion price in effect is $0.1303, subject to adjustment. |
|
|
144,263 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Convertible promissory note dated May 13, 2015, issued to accredited investors, maturing November 13, 2016, bearing interest at a rate of 12% per annum. The conversion price in effect is $0.1211, subject to adjustment. |
|
|
117,527 |
|
|
|
- |
|
| Total Debt |
|
|
1,495,151 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
|
|
| Less short-term portion |
|
|
1,233,361 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
|
|
| Long-term portion |
|
$ |
261,790 |
|
|
$ |
- |
|
|