| Notes payable |
Notes payable are as follows:
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December 31, |
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December 31, |
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| |
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2015 |
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2014 |
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| Unsecured promissory demand note dated May 7, 2012 issued to an accredited investor, which bore interest at a rate of 4% per annum. Holder was entitled to convert into common stock at $0.75 per share. In 2015, the holder of the note exchanged the note with another accredited investor. |
|
$ |
- |
|
|
$ |
5,000 |
|
| |
|
|
|
|
|
|
|
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| Promissory note dated July 25, 2014 issued
to an accredited investor, which initially matured July 24, 2015 and bore interest at a rate of 12% per annum. The holder of
the note extended the maturity date to July 25, 2016. 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, acquired by an accredited investor from the original debt holders, which bore interest at a rate of 4% per annum. Holder was entitled to convert into common stock at $0.75 per share. In 2015, the holder of the note exchanged the note with another accredited investor. |
|
|
- |
|
|
|
109,306 |
|
| |
|
|
|
|
|
|
|
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| Unsecured promissory demand notes issued to an accredited investor, which bears interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. In 2015, the investor exchanged the notes from other accredited investors. |
|
|
114,306 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 5% Original issue discount senior secured convertible promissory note dated March 5, 2014 issued to accredited investors, which matured September 5, 2015, and bore 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. In 2015, the holder of the note converted the debt and accrued interest into common stock. |
|
|
- |
|
|
|
248,902 |
|
| |
|
|
|
|
|
|
|
|
| 5% Original issue discount senior secured convertible promissory note dated May 5, 2014 issued to accredited investors, which matured November 5, 2015, and bore 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. In 2015, the holder of the note converted some of the debt and accrued interest into common stock. The remaining balance of the note and accrued interest was converted into common stock in March 2016. |
|
|
96,491 |
|
|
|
482,456 |
|
| |
|
|
|
|
|
|
|
|
| 5% Original issue discount senior secured convertible promissory note dated June 5, 2014 issued to accredited investors, which bore 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. In 2015, the holder of the note converted the debt and accrued interest into common stock. |
|
|
- |
|
|
|
146,197 |
|
| 5% Original issue discount senior secured convertible promissory note dated July 1, 2014 issued to accredited investors, which bore 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. In 2015, the holder of the note converted the debt and accrued interest into common stock. |
|
|
- |
|
|
|
578,947 |
|
| |
|
|
|
|
|
|
|
|
| 5% Original issue discount senior secured convertible promissory note dated July 31, 2014 issued to accredited investors, which matures February 1, 2016 and bears 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. In 2015, the holder of the note converted the debt and accrued interest into common stock. |
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|
- |
|
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|
2,894,739 |
|
| |
|
|
|
|
|
|
|
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| Convertible promissory note dated April 7, 2015 issued to accredited investors, which matures October 7, 2016 and bears interest at a rate of 12% per annum. The conversion price in effect is $0.1303, subject to adjustment. |
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|
170,856 |
|
|
|
- |
|
| |
|
|
|
|
|
|
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| Convertible promissory note dated May 13, 2015 issued to accredited investors, which matures November 13, 2016 and bears interest at a rate of 12% per annum. The conversion price in effect is $0.1211, subject to adjustment. |
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|
170,783 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
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| Convertible promissory note dated December 14, 2015, issued to accredited investors, which maturing December 13, 2016, bearing interest at a rate of 12% per annum. The conversion price in effect is $0.1211, subject to adjustment. |
|
|
214,927 |
|
|
|
- |
|
| Total Debt |
|
|
917,363 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
|
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| Less short-term portion |
|
|
917,363 |
|
|
|
4,615,547 |
|
| |
|
|
|
|
|
|
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| Long-term portion |
|
$ |
- |
|
|
$ |
- |
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|