Notes Payable | 12 Months Ended |
Dec. 31, 2014 |
Notes Payable | |
Note 4 - Notes Payable | The Company had notes payable totaling $3,399,543 reflecting principal and accrued interest as of December 31, 2014. |
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NOTE DISCLOSURE | | FACE | | | ACCRUED INTEREST | |
VALUE |
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Investment Firm: $150,000 Note issued on May 22, 2014, a corporation loaned the Company $150,000 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. Balances are shown net of conversions. | | | 66,532 | | | | 7,557 | |
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Investment Firm: $6,000 Note issued on November 22, 2011. A corporation loaned the Company $6,000 in exchange for a Promissory Note bearing interest at 10%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014 | | | 6,000 | | | | 1,892 | |
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Investment Firm: $50,000 Note issued on November 18, 2011. A corporation loaned the Company $50,000 in exchange for a Promissory Note bearing interest at 10%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014 | | | 50,000 | | | | 478 | |
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Investment Firm: $50,000 Note issued on March 12, 2014. This corporation loaned the Company $50,00 in exchange for a Promissory Note bearing interest at 10%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. Balances are shown net of conversions. | | | | | | | 2,849 | |
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Investment Firm $105,000 Note: on August 22, 2014 this entity loaned the Company $105,000 in exchange for a Promissory Note bearing interest at 10% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $3,820.83 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 105,000 | | | | 3,821 | |
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Investment Firm $110,000 Note: on July 18, 2014 this entity loaned the Company $110,000 in exchange for a Promissory Note bearing interest at 8% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $4,057.78 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 110,000 | | | | 4,058 | |
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Investment Firm $100,000 Note: on October 10th, 2014 this entity loaned the Company $110,000 in exchange for a Promissory Note bearing interest at 12% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $1,503.33 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 55,000 | | | | 1,503 | |
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Investment Firm $80,000 Note: on April 20, 2014 this entity loaned the Company $80,000 in exchange for a Promissory Note bearing interest at 18% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $11,482.09 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 80,000 | | | | 11,482 | |
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Investment Firm: $11,027.10 Note issued on February 7, 2014. This corporation loaned the Company $11,027.10 in exchange for a Promissory Note bearing interest at 18%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 11,027 | | | | 5,705 | |
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Investment Firm $75,000 Note issued on August 29 and 30, 2012. This corporation loaned the Company $75,000 in exchange for a Promissory Note bearing interest at 18%, $1,500 is pending for funding. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $24.043 as of December 31, 2014. and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. Balances are shown net of conversions. | | | 26,984 | | | | 2,867 | |
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Investment Firm: $40,000 Note issued on April 30, 2014. This corporation loaned the Company $40,000 in exchange for a Promissory Note bearing interest at 18%. The Lender and is allowed to convert the promissory note into Company common shares, based on which, Lender converted on January 28, 2014 $9,000 of the note. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 31,000 | | | | 10,877 | |
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Individual $69,000 Note: on May 1, 2014 this entity loaned the Company $69,000 in exchange for a Promissory Note bearing interest at 18% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $9,759.72 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 69,000 | | | | 9,760 | |
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Private Investor: $50,000.00 Note issued on December 5, 2011. This individual loaned the Company $50,000 in exchange for a Promissory Note bearing interest at 8%. On May, 2012 $28,000 was paid on the Note. The Lender is allowed to convert the promissory note into Company common shares, The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 22,000 | | | | 8,228 | |
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Investment Firm: On April 29, 2014 Notes issued: $21,739.13, $364,130.43, $434,782.61 and $521,739.00. This corporation loaned the Company $1,342,391.17 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. Balances are shown net of conversions. | | | 912,700 | | | | 56,706 | |
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Investment Firm: $20,000.00 Note issued on August 15, Aug-2011. A corporation loaned the Company $20,000 in exchange for a Promissory Note bearing interest at 5%. The Lender is allowed to convert the promissory note into Company common shares, based on which the Note's buyer, Subsequently the note transferred to a non-affiliated second investment firm, which has converted $7,720.58. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014 | | | 12,279 | | | | 2,105 | |
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Investment Firm: $150,000.00 funded $75,000 on July 1, 2014; $75,000 on September 3, 2014 and $34,902.22 (net) on October 22nd 2014. Note issued on May 28, 2014. This corporation agreed to loan the Company $521,739.00 over the times in exchange for a Promissory Note bearing no interest for the first three months. The Lender is allowed to convert the promissory note into Company common shares. No accrued interest payable due to the grace period already mentioned. Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014 | | | 184,902 | | | | 9,433 | |
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Investment Firm $100,000 Note: on July 17, 2014 this entity loaned the Company $100,000 in exchange for a Promissory Note bearing interest at 12% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $5,556.67 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 100,000 | | | | 5,567 | |
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Investment Firm: $60,000 Note issued on October 8, 2014 $104,000 and November 20, 2014 $84,000. This corporation loaned the Company $188,000 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 188,000 | | | | 2,444 | |
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Investment Firm: $165,000 Note issued on May 22, 2014. This corporation loaned the Company $150,000 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 165,000 | | | | 3,449 | |
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Investment Firm $250,000 Note: on April 24, 2014 this entity loaned the Company $250,000 in exchange for a Promissory Note bearing interest at 18% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $32,933.32 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 250,000 | | | | 32,933 | |
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Investment Firm $11,500 Note: on May 23rd 2013 this entity loaned the Company $11,500 in exchange for a Promissory Note bearing interest at 18% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $5,395.81 as of December 31, 2014. and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 11,500 | | | | 5,396 | |
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Private Investor $44,000.00 Note issued on November 15th and December 20th 2012, an individual loaned the Company $44,000 000 in exchange for a Promissory Note bearing interest at 18%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $9,794.71 as of December 31, 2014. and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 13,728 | | | | 9,795 | |
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Investment Firm: $5,000 Note issued on January 18, 2013, $5,000 Note issued on February 4, 2013, $1,500 Note issued on August 14, 2013; $15,000 Note issue d on May 21, 2012, $7,000 Note issued on May 30, 2012, $20,000 Note issued on July 24, 2012, $17,000 Note issued on October 10, 2013, $13,000 Note issued on January 16, 2013, $6,000 Note issued on July 24, 2012, $20,000 Note issued on March 6, 2014 and $10,000 Note issued on Augsust 9, 2012 . This corporation loaned the Company $112,500 in exchange for a Promissory Note bearing interest at 18%. The Lender is allowed to convert the promissory note into Company common shares, based on which converted $20,384,34 from Face Value and $67,615.66 from Accrued Interests. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of as of December 31, 2014. and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. Balances are shown net of conversions. | | | 29,763 | | | | | |
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Investment Firm: $8,877 Note issued on June 25, 2012. This individual loaned the Company $8,877 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares, The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 8,877 | | | | 2,587 | |
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Investment Firm: $150,000 Note issued on March 18, 2014. This corporation loaned the Company $150,000 in exchange for a Promissory Note bearing interest at 18%, plus $4,882.19 financial expenses. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. Balances are shown net of conversions. | | | 29,500 | | | | 12,898 | |
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Investment Firm: $100,000 Note issued on May 29, 2014. This corporation loaned the Company $95,000 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of 31, 2014. Balances are shown net of conversions. | | | 75,000 | | | | 4,575 | |
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Investment Firm $555,000 Note: on June 27, 2014 and funded $200,000 on July 2, 2014 this entity loaned the Company $225,000 and $110,000 on December 19, 2014. in exchange for a Promissory Note bearing interest at 10% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $12,054.17 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 335,000 | | | | 12,054 | |
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Investment Firm $110,000 Note: on July 29, 2014 this entity loaned the Company $110,000 in exchange for a Promissory Note bearing interest at 8% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $3,788.89 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 110,000 | | | | 3,789 | |
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Investment Firm $250,000 Note: on June 24, 2014. Funded $50,000 + 10% IOD on July 1, 2014, this entity loaned the Company $250,000 in exchange for a Promissory Note bearing interest at 12% for a term of one year renewable. The Lender is allowed to convert the promissory note into Company common shares. The accrued interest payable balance on this note was $3,483.33 as of December 31, 2014 and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet. | | | 55,000 | | | | 3,483 | |
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Private Investor: $40,000.00 Note issued on June 1, 2012. This individual loaned the Company $40,000 in exchange for a Promissory Note bearing interest at 8%. The Lender is allowed to convert the promissory note into Company common shares, The accrued interest payable balance on this note and is included in the Convertible Promissory Notes – Accrued Interest Section of the Company’s balance sheet was as of December 31, 2014. | | | 40,000 | | | | 7,461 | |
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TOTAL: | | | 3,153,792 | | | | 245,751 | |
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As a result of the above, the balance of the notes payable is $3,153,792 and the accrued interest thereon is $245,751. |
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Other Current Liabilities - The Company had other current liabilities consisting of the following at December 31, 2014: |
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Taxes | | | 10,393 | | | | | |
Payrrol Tax Liability | | | 76,819 | | | | | |