Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.7.0.1
NOTES PAYABLE (Tables)
6 Months Ended
Jun. 30, 2017
Notes Payable Tables  
Notes payable

As of June 30, 2017 and December 31, 2016, notes payable consisted of the following:

 

   

June 30,

2017

   

December 31,

2016

 
             
Unsecured promissory demand notes issued to an accredited investor, which bear interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. The remaining balance of the note and accrued interest was converted into common stock in April 2017.   $     $ 64,324  
Convertible promissory note dated December 14, 2015, issued to accredited investors, which matured December 13, 2016 and bears interest at a rate of 12% per annum. The holder of the note extended the maturity to December 13, 2017. The conversion price is $0.1211, subject to adjustment.     500,000       500,000  
Senior convertible promissory note dated October 28, 2016, issued to accredited investors, which matures April 28, 2018 and bears interest at a rate of 1% per annum. The conversion price is 90% of the average of the lowest three (3) VWAPs for the five (5) consecutive trading days prior to the conversion date. The remaining balance of the note and accrued interest was converted into common stock in January 2017.           102,582  
Senior convertible promissory note dated November 1, 2016, issued to accredited investors, which matures May 1, 2018 and bears interest at a rate of 12% per annum. The conversion price is $0.35, subject to adjustment.     75,705       31,615  
Senior convertible promissory note dated December 16, 2016, issued to accredited investors, which matures June 16, 2018 and bears interest at a rate of 12% per annum. The conversion price is $0.27, subject to adjustment.           1,220,155  
Senior convertible promissory note dated June 23, 2017, issued to accredited investors, which matures December 23, 2018 and bears interest at a rate of 12% per annum. The conversion price is $0.1362, subject to adjustment.     736,290        
                 
Total Debt     1,311,995       1,918,676  
                 
Less Short-Term Portion     575,705       564,324  
                 
Long-Term Portion   $ 736,290     $ 1,354,352