Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Long Term Loan

v2.4.1.9
Notes Payable and Long Term Loan
3 Months Ended
Mar. 31, 2015
Notes Payable and Long Term Loan [Abstract]  
Notes Payable and Long Term Loan

Note 3 - Notes Payable and Long Term Loan

Notes Payable

In October 2013, the Company initiated a private placement for up to $500,000 of financing by the issuance of notes payable at a minimum of $25,000. The notes bear interest at 10% per annum and are due and payable with accrued interest one year from issuance.  Also, the Company agreed to issue 125,000 shares of its common stock for each unit. In July 2014, the Company initiated a private placement for up to $500,000 of financing by the issuance of notes payable at a minimum of $25,000. The notes bear interest at 10% per annum and are due and payable with accrued interest one year from issuance.  Also, the Company agreed to issue 50,000 shares of its common stock for each unit. In October 2014, the Company initiated a private placement for up to $500,000 of financing by the issuance of notes payable at a minimum of $25,000. The notes bear interest at 10% per annum and are due and payable with accrued interest one year from issuance.  Also, the Company agreed to issue 50,000 shares of its common stock for each unit. From January 1, 2014 to March 31, 2015, the company has issued promissory notes for an aggregate principal of approximately $1,158,000.

 

 

As of

 

 

 

March 31, 2015

 

 

December 31, 2014

Notes payable at beginning of period

 

$

1,377,416 

 

$

710,072 

Notes payable issued for cash

 

 

212,500 

 

 

935,500 

Less amounts converted to stock

 

 

(295,915)

 

 

(268,156)

Notes payable at end of period

 

 

1,294,001 

 

 

1,377,416 

Less debt discount

 

 

 

 

(2,391)

 

 

$

1,294,001 

 

$

1,375,025 

 

 

 

 

 

 

 

Notes payable issued to related parties

 

$

341,000 

 

$

291,000 

Notes payable issued to non-related parties

 

$

953,001 

 

$

1,086,416 


Long Term Loan

The Company has financed the purchase of an automobile.  The maturity dates on the loan are as follows:



 

Twelve months ending,

 

 

 

 

March 31, 2016

 

$

11,764

 

March 31, 2017

 

$

12,121

 

March 31, 2018

 

$

12,488

 

March 31, 2019

 

$

1,064

 

 

 

$

37,437

 

 

 

 

 

 

Current portion

 

$

11,764

 

Long term portion

 

$

25,673