3. Loans Payable | 3 Months Ended |
Mar. 31, 2014 |
Loans Payable [Abstract] | ' |
NOTE 3 - Loans Payable | ' |
Loans payable at March 31, 2014 and December 31, 2013 consist of the following: |
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| | March 31, | | | December 31, | |
| | 2014 | | | 2013 | |
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Unsecured $30,000 convertible note payable to Hanover Holdings I, LLC, which bears interest at 12% per annum and was due October 17, 2012. During the year ended December 31, 2012, $28,000 of the note balance was converted to common stock. During the year ended December 31, 2013, the remaining $2,000 of the note was converted to common stock. Accrued interest is equal to $2.905 at December 31, 2013. During the three months ended march 31, 2014, the remaining accrued interest of $2,905 was forgiven by the lender. | | $ | – | | | $ | 2,905 | |
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On February 17, 2012, Panache Capital, LLC entered into an agreement to purchase $50,000 of the note payable to Azfar Haque. The Company exchanged the original note to Mr. Haque with a new note to Pananche which bears interest at 10% per annum and was due February 17, 2013. During the year ended December 31, 2012, $44,348 of the note was converted to common stock. Accrued interest is equal to $1,537 and $1,396 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 7,189 | | | | 7,048 | |
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Unsecured $70,000 convertible note payable to Hanover Holdings I, LLC, which bears interest at 12% per annum and due was October 24 2013. Accrued interest is equal to $16,344 and $16,244 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 88,344 | | | | 86,244 | |
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Unsecured $16,000 convertible note payable to Hanover Holdings I, LLC, which bears interest at 12% per annum and was due May 3, 2013. Accrued interest is equal to $3,797 and $3,317 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 19,797 | | | | 19,317 | |
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Unsecured $12,000 convertible note payable to Hanover Holdings I, LLC, which bears interest at 12% per annum and was due February 5, 2013. During the year ended December 31, 2013, $6,210 of the note was converted to common stock. Accrued interest is equal to $2,144 and $1,970 at March 31, 2014 and December 31, 2013. This note is in default at March 31, 2014. | | | 7,934 | | | | 7,760 | |
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Unsecured $15,000 convertible note payable to Hanover Holdings I, LLC, which bears interest at 12% per annum and was due March 26, 2013. Accrued interest is equal to $3,113 and $2,663 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 18,113 | | | | 17,663 | |
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Unsecured $40,000 convertible note payable to Southridge Partners II LP, which bears interest at 5% per annum and was due March 31, 2013. During the three months ended March 31, 2014, $18,143 of the note and accrued interest was converted to common stock. Accrued interest is equal to $1,203 and $4,191 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 26,703 | | | | 44,191 | |
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Unsecured $15,000 note payable to SC Advisors, Inc., which bears interest at 8% per annum and was due June 30, 2013. Accrued interest is equal to $1,820 and $1,520 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 16,820 | | | | 16,520 | |
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Unsecured $39,647 note payable to Azfar Hague, which bears interest at 9% per annum and was due April 25, 2013. $20,000 of this note was purchased by Tangiers Investment Group, LLC on July 26, 2013. During the three months ended March 31, 2014, $9,000 of the note was converted to common stock. Accrued interest is equal to $3,720 and $3,379 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 14,367 | | | | 23,026 | |
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Unsecured $15,000 note payable to SC Advisors, Inc., which bears interest at 8% per annum and was due June 30, 2013. Accrued interest is equal to $1,698 and $1,398 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 16,698 | | | | 16,398 | |
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Unsecured $32,500 convertible note payable to Asher Enterprises, Inc., which bears interest at 8% per annum and was due August 13, 2013. During the year ended December 31, 2013, $3,300 of the note was converted to common stock. During the three months ended March 31, 2014, the remaining balance of the note, including accrued interest, of $30,500 was converted to common stock. Accrued interest is equal to $2,874 at December 31, 2013. | | | – | | | | 32,074 | |
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Unsecured $9,000 convertible note payable to Star City Capital LLC, which bears interest at 12% per annum and was due December 3, 2013. During the three months ended March 31, 2014, the note, including accrued interest, of $10,290 was converted to common stock. Accrued interest is equal to $1,179 at December 31, 2013. | | | – | | | | 10,179 | |
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Unsecured $15,000 note payable to SC Advisors, Inc., which bears interest at 8% per annum and was due June 30, 2013. Accrued interest is equal to $1,612 and $1,312 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 16,612 | | | | 16,312 | |
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Unsecured $25,000 convertible note payable to Southridge Partners II LP, which bears interest at 8% per annum and was due June 30, 2013. During the three months ended March 31, 2014, the note, including accrued interest, of $27,317 was converted to common stock. Accrued interest is equal to $2,125 at December 31, 2013. | | | – | | | | 27,125 | |
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On December 12, 2012, Star City Capital LLC entered into an agreement to purchase $19,700 of a note payable to Bulldog Insurance. The note bears interest at 8% per annum and is due on demand. During the year ended December 31, 2013, $18,018 of the note, including accrued interest, was converted to common stock. During the three months ended March 31, 2014, the remainder of the note, including accrued interest, of $2,851 was converted to common stock. | | | – | | | | 2,407 | |
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Unsecured $32,500 convertible note payable to Asher Enterprises, Inc., which bears interest at 8% per annum and was due November 1, 2013. During the three months ended March 31, 2014, the note, including accrued interest, of $33,800 was converted to common stock. Accrued interest is equal to $2,351 at December 31, 2013. | | | – | | | | 34,851 | |
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Unsecured $35,000 convertible note payable to Lucosky Brookman LLP, which bears interest at 12% per annum and due on demand. Accrued interest is equal to $4,428 and $3,378 at March 31, 2014 and December 31, 2013, respectively. | | | 39,428 | | | | 38,378 | |
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Unsecured $43,922 convertible note payable to Lucosky Brookman LLP, which bears interest at 12% per annum and due on demand. Accrued interest is equal to $5,556 and $4,238 at March 31, 2014 and December 31, 2013, respectively. | | | 49,478 | | | | 48,160 | |
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Unsecured $32,500 convertible note payable to Asher Enterprises, Inc., which bears interest at 8% per annum and was due January 31, 2014. The note is discounted for its unamortized beneficial conversion feature of $3,501 at December 31, 2013. Accrued interest is equal to $2,402 and $1,752 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 34,902 | | | | 30,751 | |
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Unsecured $7,000 note payable to Andre Fluellen, which calls for flat interest of $1,500 at maturity and was due October 30, 2013. This note is in default at March 31, 2014. | | | 8,500 | | | | 8,500 | |
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On May 6, 2013, WHC Capital, LLC entered into an agreement to purchase $50,000 of notes payable to Bulldog Insurance. The note bears interest at 8% per annum and was due March 6, 2014. During the year ended December 31, 2013, $20,612 of the note was converted to common stock. During the three months ended March 31, 2014, $11,942 of the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $8,748 at December 31, 2013. Accrued interest is equal to $3,765 and $3,297 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 21,211 | | | | 23,937 | |
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Unsecured $20,000 convertible note payable to WHC Capital, LLC., which bears interest at 8% per annum and was due March 9, 2014. The note is discounted for its unamortized beneficial conversion feature of $3,661 at December 31, 2013. Accrued interest is equal to $1,434 and $1,034 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 21,434 | | | | 17,373 | |
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Unsecured $32,500 convertible note payable to Asher Enterprises, Inc., which bears interest at 8% per annum and was due March 3, 2014. The note is discounted for its unamortized beneficial conversion feature of $6,316 at December 31, 2013. Accrued interest is equal to $2,181 and $1,531 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 34,681 | | | | 27,715 | |
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Unsecured $7,500 note payable to Andre Fluellen, which calls for flat interest of $1,400 at maturity and was due December 1, 2013. This note is in default at March 31, 2014. | | | 8,900 | | | | 8,900 | |
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Unsecured $10,000 note payable to Sammie Hill, III, which calls for flat interest of $2,000 at maturity and was due December 15, 2013. This note is in default at March 31, 2014. | | | 12,000 | | | | 12,000 | |
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Unsecured $5,000 convertible note payable to Tangiers Investment Group, LLC., which bears interest at 10% per annum and is due June 21, 2014. The note is discounted for its unamortized beneficial conversion feature of $2,356 at December 31, 2013. During the three months ended March 31, 2014, the note, including accrued interest, of $5,068 was converted to common stock. Accrued interest is equal to $264 at December 31, 2013. | | | – | | | | 2,908 | |
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Unsecured $12,000 note payable to Bulldog Insurance, which bears interest at 7% per annum and was due December 1, 2013. During the three months ended March 31, 2014, the note was converted to common stock. Accrued interest is equal to $433 at December 31, 2013. | | | – | | | | 12,433 | |
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Unsecured $3,000 note payable to Andre Fluellen, which calls for flat interest of $500 at maturity and was due December 1, 2013. This note is in default at March 31, 2014. | | | 3,500 | | | | 3,500 | |
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Unsecured $3,000 note payable to Andre Fluellen, which calls for flat interest of $150 at maturity and was due February 22, 2014. Accrued interest is equal to $150 and $106 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 3,150 | | | | 3,106 | |
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Unsecured $14,500 convertible note payable to Asher Enterprises, Inc., which bears interest at 8% per annum and is due May 5, 2014. The note is discounted for its unamortized beneficial conversion feature of $1,736 and $6,202 at March 31, 2014 and December 31, 2013, respectively. Accrued interest is equal to $747 and $457 at March 31, 2014 and December 31, 2013, respectively. | | | 13,511 | | | | 8,755 | |
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Unsecured $8,500 non-interest bearing note payable to Azfar Hague due February 5, 2014. During the three months ended March 31, 2014, the note was converted to common stock. | | | – | | | | 8,500 | |
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Unsecured $10,000 non-interest bearing note payable to Azfar Hague due February 20, 2014. During the three months ended March 31, 2014, the note was converted to common stock. | | | – | | | | 10,000 | |
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Unsecured $8,500 note payable to Bulldog Insurance, which bears interest at 5% per annum and due February 28, 2014. During the three months ended March 31, 2014, $3,000 of the note was converted to common stock. Accrued interest is equal to $230 and $142 at March 31, 2014 and December 31, 2013, respectively. This note is in default at March 31, 2014. | | | 5,730 | | | | 8,642 | |
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Unsecured $6,500 convertible note payable to Tangiers Investment Group, LLC., which bears interest at 10% per annum and is due July 25, 2014. During the three months ended March 31, 2014, the note, including accrued interest, of $6,527 was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $3,668 at December 31, 2013. Accrued interest is equal to $283 at December 31, 2013. | | | – | | | | 3,115 | |
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On July 26, 2013, Tangiers Investment Group, LLC entered into an agreement to purchase $20,000 of notes payable to Azfar Hague. The note bears interest at 10% per annum and is due July 26, 2014. During the three months ended March 31, 2014, the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $11,342 at December 31, 2013. Accrued interest is equal to $866 at December 31, 2013. | | | – | | | | 9,524 | |
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Unsecured $5,000 convertible note payable to Tangiers Investment Group, LLC., which bears interest at 10% per annum and due August 2, 2014. During the three months ended March 31, 2014, the note, including accrued interest, of $5,027 was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $2,931 at December 31, 2013. Accrued interest is equal to $207 at December 31, 2013. | | | – | | | | 2,276 | |
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Unsecured $5,000 convertible note payable to WHC Capital, LLC., which bears interest at 8% per annum and is due August 12, 2014. The note is discounted for its unamortized beneficial conversion feature of $1,834 and $3,068 at March 31, 2014 and December 31, 2013, respectively. Accrued interest is equal to $255 and $155 at March 31, 2014 and December 31, 2013, respectively. | | | 3,421 | | | | 2,087 | |
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On January 3, 2013, Black Arch Opportunity Fund LP entered into an agreement to purchase $18,737 of notes payable to Bulldog Insurance. The note bears interest at 12% per annum and is was due December 1, 2013. During the year ended December 31, 2013, $9,466 of the note, including accrued interest, was converted to common stock. During the three months ended March 31, 2014, the remainder of the note, including accrued interest, was converted to common stock. Accrued interest is equal to $1,088 at December 31, 2013. | | | – | | | | 11,265 | |
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Unsecured $20,000 convertible note payable to CJ Mosley, which calls for flat interest of $1,800 due at maturity and is due April 28, 2014. The note is discounted for its unamortized beneficial conversion feature of $1,341 and $5,650 at March 31, 2014 and December 31, 2013, respectively. Accrued interest is equal to $1,500 and $600 at March 31, 2014 and December 31, 2013, respectively. | | | 20,159 | | | | 14,950 | |
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Unsecured $7,700 convertible note payable to Andre Fluellen, which calls for flat interest of $770 due at maturity and is due June 21, 2014. The note is discounted for its unamortized beneficial conversion feature of $4,181 at March 31, 2014. Accrued interest is equal to $352. | | | 3,871 | | | | – | |
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Unsecured $3,450 non-interest bearing note payable to Azfar Hague due September 20, 2014. | | | 3,450 | | | | – | |
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Unsecured $2,000 non-interest bearing note payable to Bulldog Insurance due September 26, 2014. | | | 2,000 | | | | – | |
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Unsecured $29,000 convertible note payable to LG Capital Funding, LLC., which bears interest at 8% per annum and is due March 17, 2015. The note is discounted for its unamortized beneficial conversion feature of $27,887 at March 31, 2014. Accrued interest is equal to $89 at March 31, 2014. | | | 1,202 | | | | – | |
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On March 17, 2014, LG Capital Funding, LLC entered into an agreement to purchase $40,000 of notes payable to Frank Russo. The note bears interest at 8% per annum and is due March 17, 2015. During the three months ended March 31, 2014, $14,000 of the the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $25,002 at March 31, 2014. Accrued interest is equal to $80 at March 31, 2014. | | | 1,078 | | | | – | |
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On March 27, 2014, Microcap Equity Group LLC entered into an agreement to purchase $25,000 of notes payable to Frank Russo. The note bears interest at 10% per annum and is due on demand. Accrued interest is equal to $27 at March 31, 2014. | | | 25,027 | | | | – | |
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Unsecured $18,000 convertible note payable to Tangiers Investment Group, LLC., which bears interest at 8% per annum and is due March 27, 2015. The note is discounted for its unamortized beneficial conversion feature of $17,802 at March 31, 2014. Accrued interest is equal to $158 at March 31, 2014. | | | 356 | | | | – | |
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On March 27, 2014, Tangiers Investment Group, LLC. entered into an agreement to purchase $15,000 of notes payable to Frank Russo. The note bears interest at 10% per annum and is due March 27, 2015. The note is discounted for its unamortized beneficial conversion feature of $14,835 at March 31, 2014. Accrued interest is equal to $16 at March 31, 2014. | | | 181 | | | | – | |
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Total Loans Payable | | $ | 549,747 | | | $ | 680,795 | |
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The Company accrued interest expense of $4,978 and $14,788 for the three months ended March 31, 2014 and 2013, respectively, on the above loans. Accrued interest is included in the loan balances. |
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The Company borrowed $60,150 and $47,500 during the three months ended March 31, 2014 and 2013, respectively. During the three months ended March 31, 2014, the Company converted $239,001 of loans payable into 4,588,102,557 shares of the Company’s common stock. During the three months ended March 31, 2013, the Company converted $17,169 of loans payable into 548,728 shares of the Company’s common stock. |
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