3. Loans Payable | 6 Months Ended |
Jun. 30, 2014 |
Loans Payable [Abstract] | ' |
NOTE 3 - Loans Payable | ' |
Loans payable at June 30, 2014 and December 31, 2013 consist of the following: |
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| | June 30, | | | 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 six months ended June 30, 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 $1,678 and $1,396 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 7,330 | | | | 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 $20,438 and $16,244 at June 30, 2014 and December 31, 2013, resepctively. This note is in default at June 30, 2014. | | | 90,438 | | | | 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 $4,276 and $3,317 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 20,276 | | | | 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 $2,317 and $1,970 at June 30, 2014 and December 31, 2013. This note is in default at June 30, 2014. | | | 8,107 | | | | 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 $3,562 and $2,663 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 18,562 | | | | 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 June 30, 2013. During the six months ended June 30, 2014, the note balance and accrued interest of $1,203 was converted to common stock. Accrued interest is equal to $4,191 at December 31, 2013. | | | – | | | | 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. During the six months ended June 30, 2014, the note was converted to common stock. Accrued interest is equal to $1,520 at December 31, 2013. | | | – | | | | 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 six months ended June 30, 2014, $9,000 of the note was converted to common stock. Accrued interest is equal to $3,959 and $3,379 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 14,606 | | | | 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. During the six months ended June 30, 2014, the note was converted to common stock. Accrued interest is equal to $1,398 at December 31, 2013. | | | – | | | | 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 six months ended June 30, 2014, the remaining balance of the note, including accrued interst, 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 six months ended June 30, 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. During the six months ended June 30, 2014, the note was converted to common stock. Accrued interest is equal to $1,312 at December 31, 2013. | | | – | | | | 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 $5,475 and $3,378 at June 30, 2014 and December 31, 2013, respectively. | | | 40,475 | | | | 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 $6,871 and $4,238 at June 30, 2014 and December 31, 2013, respectively. | | | 50,793 | | | | 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. During the six months ended June 30, 2014, $7,988 of the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $3,501 at December 31, 2013. Accrued interest is equal to $2,971 and $1,752 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 27,483 | | | | 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 June 30, 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 six months ended June 30, 2014, $31,494 of the note and accrued interest 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 $1,832 and $3,297 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 1,832 | | | | 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 $1,833 and $1,034 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 21,833 | | | | 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. During the six months ended June 30, 2014, $7,500 of the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $6,316 at December 31, 2013. Accrued interest is equal to $2,754 and $1,531 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 27,754 | | | | 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 June 30, 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. During the six months ended June 30, 2014, the note and accrued interest was converted to common stock. | | | – | | | | 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 six months ended June 30, 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 six months ended June 30, 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 June 30, 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 June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 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 $6,202 at December 31, 2013. Accrued interest is equal to $1,036 and $457 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 15,536 | | | | 8,755 | |
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Unsecured $8,500 non-interest bearing note payable to Azfar Hague due February 5, 2014. During the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2014, $3,000 of the note was converted to common stock. Accrued interest is equal to $299 and $142 at June 30, 2014 and December 31, 2013, respectively. This note is in default at June 30, 2014. | | | 5,799 | | | | 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 $588 and $3,068 at June 30, 2014 and December 31, 2013, respectively. Accrued interest is equal to $355 and $155 at June 30, 2014 and December 31, 2013, respectively. | | | 4,767 | | | | 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 six months ended June 30, 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. During the six months ended June 30, 2014, the note, including accrued interest, was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $5,650 at December 31, 2013. Accrued interest is equal to $600 at December 31, 2013. | | | – | | | | 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. Accrued interest is equal to $352 at June 30, 2014. This note is in default at June 30, 2014. | | | 8,052 | | | | – | |
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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 $20,657 at June 30, 2014. Accrued interest is equal to $667at June 30, 2014. | | | 9,010 | | | | – | |
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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 six months ended June 30, 2014, the the note and accrued interest was converted to common stock. | | | – | | | | – | |
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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. During the six months ended June 30, 2014, the the note was converted to common stock. Accrued interest is equal to $27 at June 30, 2014. | | | 27 | | | | – | |
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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 $13,315 at June 30, 2014. Accrued interest is equal to $3,748 at June 30, 2014. | | | 8,433 | | | | – | |
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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. During the six months ended June 30, 2014, the the note and accrued interest was converted to common stock. | | | – | | | | – | |
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Unsecured $6,000 note payable to Andre Fluellen, which bears interest at 10% per annum and is due June 21, 2015. Accrued interest is equal to $15 at June 30, 2014. | | | 6,015 | | | | – | |
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Unsecured $10,000 note payable to Falmouth Street Holdings, LLC, which bears interest at 10% per annum and is due on demand. Accrued interest is equal to $222 at June 30, 2014. | | | 10,222 | | | | – | |
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On April 9, 2014, GEL Properties, LLC entered into an agreement to purchase $24,000 of notes payable to Frank Russo. The note bears interest at 8% per annum and is due April 9, 2015. During the six months ended June 30, 2014, $16,500 of the note was converted to common stock. The note is discounted for its unamortized beneficial conversion feature of $5,815 at June 30, 2014. Accrued interest is equal to $431 at June 30, 2014. | | | 2,116 | | | | – | |
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Unsecured $5,000 note payable to Israek Idonije, which is noninterest bearing and is due July 3, 2014. | | | 5,000 | | | | – | |
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On May 7, 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 May 7, 2015. The note is discounted for its unamortized beneficial conversion feature of $34,081 at June 30, 2014. Accrued interest is equal to $473 at June 30, 2014. | | | 6,392 | | | | – | |
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Unsecured $12,5000 convertible note payable to Microcap Equity Group LLC, which bears interest at 12% per annum and is due October 8, 2014. The note is discounted for its unamortized beneficial conversion feature of $6,830 at June 30, 2014. Accrued interest is equal to $341 at June 30, 2014. | | | 6,011 | | | | – | |
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Unsecured $4,200 convertible note payable to Tangiers Investment Group, LLC., which bears interest at 8% per annum and is due April 8, 2015. The note is discounted for its unamortized beneficial conversion feature of $3,244 at June 30, 2014. Accrued interest is equal to $76 at June 30, 2014. | | | 1,032 | | | | – | |
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Total Loans Payable | | $ | 447,401 | | | $ | 680,795 | |
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The Company accrued interest expense of $14,261 and $31,553 for the six months ended June 30, 2014 and 2013, respectively, on the above loans. Accrued interest is included in the loan balances. |
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The Company borrowed $97,850 and $217,000 during the six months ended June 30, 2014 and 2013, respectively. During the six months ended June 30, 2014, the Company converted $428,418 of loans payable into 7,674,970,146 shares of the Company’s common stock and $34,000 of loans into 17,000,000 shares of the Company’s Series A preferred stock. During the six months ended June 30, 2013, the Company converted $98,743 of loans payable into 51,585,277 shares of the Company’s common stock. |