| NOTE 4. NOTES PAYABLE |
| |
|
December
31,
2015
|
|
|
(Unaudited)
March
31,
2016
|
|
| 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. |
|
$ |
180,001 |
|
|
$ |
180,001 |
|
| |
|
|
|
|
|
|
|
|
| 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 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 receipt of equity funding and/or sales revenue. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 03/01/2013, simple interest 9%. Currently in default. Principal balance including interest to
be paid upon receipt of equity funding and/or sales revenue. |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| 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 related party, unsecured, due 01/23/2014, simple interest 9%. Currently in default. |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to related party, unsecured, due 07/02/2014, simple interest 9%. Currently in default. |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to non-related party, unsecured, due 10/25/2013, simple interest 18%. Currently in default. |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
| |
|
|
|
|
|
|
|
|
| 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
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
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
related party, unsecured, due 8/05/2015, simple interest 7%, default interest 10%. Currently in default. Note contains a stock
option. |
|
$ |
10,000 |
|
|
$ |
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
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. Currently in default. |
|
$ |
106,334 |
|
|
$ |
106,334 |
|
| |
|
|
|
|
|
|
|
|
| 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. Currently in default. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 4/11/2016, simple interest 10%. Currently in default. |
|
$ |
13,000 |
|
|
$ |
13,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to
related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. |
|
$ |
45,000 |
|
|
$ |
45,000 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to non-related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. |
|
$ |
2,500 |
|
|
$ |
2,500 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to related party, unsecured, due 12/26/2015, simple interest 10%. Currently in default. |
|
$ |
25,000 |
|
|
$ |
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to related party, unsecured, due on demand, simple interest 10%. |
|
$ |
- |
|
|
$ |
15,277 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable to related party, unsecured, due 7/23/2016, simple interest 10%. |
|
$ |
- |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
652,669 |
|
|
$ |
682,946 |
|
| Less
note discounts |
|
|
(6,250 |
) |
|
|
- |
|
| Less
current - related parties |
|
|
(489,095 |
) |
|
|
(519,372 |
) |
| Less
current non-related parties |
|
|
(157,324 |
) |
|
|
(163,574 |
) |
| Long-term
related parties |
|
$ |
- |
|
|
$ |
- |
|
Required
principal payments from March 31, 2016 forward are as follows:
| 2016 |
|
$ |
682,946 |
|
| 2017 |
|
$ |
- |
|
| 2018 |
|
$ |
- |
|
| 2019 |
|
$ |
- |
|
| 2020 |
|
$ |
- |
|
| |
|
$ |
682,946 |
|
Interest
expense under notes payable for the three months ended March 31, 2016 and March 31, 2015 was $28,490 and $43,141, respectively.
During
the three months ended March 31, 2016 and March 31, 2015 the Company recognized a beneficial conversion feature expense on borrowing
from convertible notes of $6,250 and $3,750, respectively.
During
the three months ended March 31, 2016 and March 31, 2015 the unamortized note discount from the beneficial conversion feature
was none, and $26,250, 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 December 31, 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 three months ended March 31, 2016 and March 31, 2015 of none and $(25,456), 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 March 31, 2016 and December 31, 2015 was none and none, respectively.
|