| NOTE 4. NOTES PAYABLE |
| |
|
December
31,
2014 |
|
|
(Unaudited)
September
30,
2015
|
|
| Note payable to
related party, unsecured, due 8/3/2012, interest rate 0%. Currently in default. |
|
$ |
1,950 |
|
|
$ |
1,950 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable
to related party, unsecured, due 12/31/2012, interest rate 0%. Currently in default. |
|
$ |
11,810 |
|
|
$ |
11,810 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, $731,763, 5-years at 0% simple interest, due 7/1/2016, payment amounts vary each month, various
late penalties. Currently in default. |
|
$ |
726,763 |
|
|
$ |
726,763 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE
share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE
share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| Note payable to
non-related party, unsecured, due 2/17/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT -
DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/18/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT -
DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity
funding and/or sales revenue. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| Note payable to
non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
750 |
|
|
$ |
750 |
|
| Note payable to
non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
6,875 |
|
|
$ |
6,875 |
|
| Note payable to
non-related party, unsecured, due 2/15/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| Note payable to
non-related party, unsecured, due 2/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
3,750 |
|
|
$ |
3,750 |
|
| Note payable to
non-related party, unsecured, due 2/21/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE. share,
interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
2,625 |
|
|
$ |
2,625 |
|
| Note payable to
non-related party, unsecured, due 3/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
5,433 |
|
|
$ |
5,433 |
|
| Note payable to
non-related party, unsecured, due 3/22/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share,
interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding
and/or sales revenue. |
|
$ |
3,203 |
|
|
$ |
3,203 |
|
| Note payable to
non-related party, unsecured, due 4/19/13, annual interest due, convertible at holder's option at 51% of market as defined,
interest rate 8%, conversion limited to total beneficial ownership of 4.99%. Currently in default. Principal balance including
interest to be paid upon the receipt of equity funding and/or sales revenue and/or the continued conversion of the company's
stock. |
|
$ |
6,605 |
|
|
$ |
- |
|
| Note payable to
non-related party, unsecured, due 08/29/2013, simple interest 8% convertible at holder's option at $.249 per TBT-CA share.Currently
in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue.
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 03/01/2013, simple interest 9%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| Note payable to
non-related party, unsecured, due 12/13/2013, simple interest 7%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
5,342 |
|
|
$ |
5,342 |
|
| Note payable to
non-related party, unsecured, due 01/31/2013, simple interest 18%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
3,938 |
|
|
$ |
3,938 |
|
| Note payable to
non-related party, unsecured, due 01/07/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 01/15/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| Note payable to
non-related party,unsecured, due 01/20/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue.Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
65,272 |
|
|
$ |
65,272 |
|
| Note payable to
non-related party, unsecured, due 03/28/2013, $13,000 in interest (1 month). |
|
$ |
17,000 |
|
|
$ |
- |
|
| Note payable to
non-related party, unsecured, due 01/23/2014, simple interest 9%. Currently in default. |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
| Note payable to
non-related party, unsecured, due 04/28/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
9,440 |
|
|
$ |
9,440 |
|
| Note payable to
non-related party, unsecured, due 10/25/2013, simple interest 18%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
| Note payable to
non-related party, unsecured, due 05/05/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
50,060 |
|
|
$ |
50,060 |
|
| Note payable to
non-related party, unsecured, due 07/02/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 07/29/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
1,900 |
|
|
$ |
1,900 |
|
| Note payable to
non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| Note payable to
non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
65,000 |
|
|
$ |
65,000 |
|
| Note payable to
non-related party, unsecured, due 12/27/2013, simple interest 9% quarterly, Currently in default. Principal balance including
interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 09/29/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| Note payable to
non-related party, unsecured, due 10/28/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| Note payable to
non-related party, unsecured, due 10/29/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| Note payable to
non-related party, unsecured, due 11/10/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| Note payable to
non-related party, unsecured, due 11/12/2014, simple interest 9%, Convertible at $0.04 per share, currently in default. Principal
balance including interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
11,000 |
|
|
$ |
11,000 |
|
| Note payable to
non-related party, unsecured, due 11/20/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| Note payable to
non-related party, unsecured, due 12/02/2014, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| Note payable to
non-related party, unsecured, due 1/27/2014, simple interest 10%, |
|
$ |
4,235 |
|
|
$ |
- |
|
| Note payable to
non-related party, unsecured, due 1/07/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| Note payable to
non-related party, unsecured, due 1/28/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
1,253 |
|
|
$ |
1,253 |
|
| Note payable to
non-related party, unsecured, due 1/29/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
3,500 |
|
|
$ |
3,500 |
|
| Note payable to
non-related party, unsecured, due 2/10/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
990 |
|
|
$ |
990 |
|
| Note payable to
non-related party, unsecured, due 2/17/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
4,500 |
|
|
$ |
4,500 |
|
| Note payable to
non-related party, unsecured, due 2/20/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| Note payable to
non-related party, unsecured, due 3/10/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| Note payable to
non-related party, unsecured, due 3/31/2015, simple interest 7%, default interest 10%, Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| Note payable to
non-related party, unsecured, due 4/03/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,890 |
|
|
$ |
5,890 |
|
| Note payable to
non-related party, unsecured, due 4/08/2015, simple interest 7%, Convertible at $0.0072 per share. Currently in default. Principal
balance including interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Note payable to
non-related party, unsecured, due 4/10/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
4,331 |
|
|
$ |
4,331 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 4/27/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 5/13/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
5,360 |
|
|
$ |
5,360 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 5/26/2015, simple interest 7%, default interest 10%. Currently in default. Principal
balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
895 |
|
|
$ |
895 |
|
| Note payable to
non-related party, unsecured, due 9/11/2014, simple interest 10%. Currently in default. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 6/10/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
3,207 |
|
|
$ |
3,207 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 6/17/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
600 |
|
|
$ |
600 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 8/05/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 7/09/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
3,750 |
|
|
$ |
3,750 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 9/03/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance
including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional
transaction cost for receipt of funds from note payable. |
|
$ |
1,000 |
|
|
$ |
1,000 |
|
| Note payable to
non-related party, unsecured, due 10/19/2015, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
1,486 |
|
|
$ |
1,486 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 10/22/2015, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
3,500 |
|
|
$ |
3,500 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 10/28/2015, simple interest 7%, default interest 10%. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for
receipt of funds from note payable. |
|
$ |
4,360 |
|
|
$ |
4,360 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 11/11/2015, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
5,810 |
|
|
$ |
5,810 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 11/19/2015, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 12/02/2015, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
214,334 |
|
|
$ |
106,334 |
|
| Note payable to
non-related party, unsecured, due 1/01/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
600 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 1/06/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
12,709 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/04/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
7,080 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 1/14/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
550 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 2/09/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
1,536 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
non-related party, unsecured, due 3/25/2016, simple interest 7%, default interest 10%. Principal balance including interest to
be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for
receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
5,000 |
|
| Note payable to
non-related party, unsecured, due 3/26/2016, simple interest 8%, convertible at $0.0017 per share. Principal balance including
interest to be paid upon the receipt of equity funding and/or sales revenue. |
|
$ |
- |
|
|
$ |
25,000 |
|
| Note payable to
non-related party, unsecured, due 4/11/2016, simple interest 10%. |
|
$ |
- |
|
|
$ |
13,000 |
|
| Note payable to
non-related party, unsecured, due 5/12/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
7,390 |
|
| Note payable to
non-related party, unsecured, due 5/18/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
1,000 |
|
| Note payable to
non-related party, unsecured, due 6/03/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
1,000 |
|
| Note payable to
non-related party, unsecured, due 6/14/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
3,250 |
|
| Note payable to
non-related party, unsecured, due 7/01/2016, simple interest 7%, default interest 10%. Principal balance including interest
to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost
for receipt of funds from note payable. |
|
$ |
- |
|
|
$ |
700 |
|
| Note payable to
non-related party, unsecured, due 11/11/2015, simple interest 10%. |
|
$ |
- |
|
|
$ |
45,000 |
|
| Note payable to
non-related party, unsecured, due 11/11/2015, simple interest 10%. |
|
$ |
- |
|
|
$ |
2,500 |
|
| Note payable to
non-related party, unsecured, due 12/26/2015, simple interest 10%. |
|
$ |
- |
|
|
$ |
25,000 |
|
| |
|
$ |
1,617,217 |
|
|
$ |
1,632,692 |
|
| |
|
|
|
|
|
|
|
|
| Less note discounts |
|
|
(5,000 |
) |
|
|
(12,500 |
) |
| |
|
|
|
|
|
|
|
|
| Less current -
related parties |
|
|
(697,225 |
) |
|
|
(697,225 |
) |
| |
|
|
|
|
|
|
|
|
| Less current
non-related parties |
|
|
(871,694 |
) |
|
|
(879,669 |
) |
| |
|
|
|
|
|
|
|
|
| Long-term
related parties |
|
$ |
43,298 |
|
|
$ |
43,298 |
|
Required
principal payments from September 30, 2015 forward are as follows:
| 2015 |
|
$ |
1,589,394 |
|
| 2016 |
|
$ |
43,298 |
|
| 2017 |
|
$ |
- |
|
| 2018 |
|
$ |
- |
|
| 2019 |
|
$ |
- |
|
| |
|
$ |
1,632,692 |
|
Interest
expense under notes payable for the nine months ended September 30, 2015 and September 30, 2014 was $142,721 and $95,070, respectively.
During
the nine months ended September 30, 2015 and September 30, 2014 the Company recognized a beneficial conversion feature expense
on borrowing from convertible notes of $17,500 and $27,416, respectively. At September 30, 2015 and December 31, 2014 the unamortized
note discount from the beneficial conversion feature was $12,500 and $5,000, respectively.
In
2012 the company borrowed $110,000 under convertible notes with a variable conversion price based on a percentage of market price.
Notes converted at December 31, 2014 and September 30, 2015 were $103,395 and $103,395, respectively. The Company determined that
these notes have an embedded derivative and are therefore accounted for at fair value. The Company recorded fair market value
adjustments for the nine months ended September 30, 2015 and September 30, 2014 of $(25,456) and $(10,875), respectively. The
fair market value adjustments were based on the Black-Sholes method using the following assumptions: risk free rates ranging between
0.10% - 0.21%, dividend yield of 0%, expected life of 1 year, volatility between 128% - 354%. The fair value derivative liability
under the notes as of September 30, 2015 and December 31, 2014 was $0 and $25,456 respectively.
|