| NOTE 4. NOTES PAYABLE |
| |
|
December
31,
2014 |
|
|
(Unaudited)
June 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 holders 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 holders 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 holders 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 holders 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 holders 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 holders 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 holders 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 holders 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 companys stock. |
|
$ |
6,605 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Note payable to non-related party, unsecured, due 08/29/2013,
simple interest 8% convertible at holders 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.
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| |
|
|
|
|
|
|
|
|
| Stock option issued as an additional transaction cost for
receipt of funds from note payable. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Note payable to non-related party, unsecured, due 01/15/2014,
simple interest 7%, default interest 10%, |
|
$ |
5,000 |
|
|
$ |
5,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| 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. 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%. 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%. 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%. 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 |
|
|
$ |
214,334 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
1,617,217 |
|
|
$ |
1,667,492 |
|
| |
|
|
|
|
|
|
|
|
| Less note discounts |
|
|
(5,000 |
) |
|
|
(18,750 |
) |
| |
|
|
|
|
|
|
|
|
| Less current - related parties |
|
|
(697,225 |
) |
|
|
(697,225 |
) |
| |
|
|
|
|
|
|
|
|
| Less current non-related parties |
|
|
(871,694 |
) |
|
|
(908,219 |
) |
| |
|
|
|
|
|
|
|
|
| Long-term related parties |
|
$ |
43,298 |
|
|
|
43.298 |
|
Required
principal payments from June 30, 2015 forward are as follows:
| 2015 |
|
$ |
1,624,194 |
|
| 2016 |
|
$ |
43,298 |
|
| 2017 |
|
$ |
- |
|
| 2018 |
|
$ |
- |
|
| 2019 |
|
$ |
- |
|
| |
|
$ |
1,667,492 |
|
Interest
expense under notes payable for the six months ended June 30, 2015 and June 30, 2014 was $88,466 and $67,433, respectively.
During
the six months ended June 30, 2015 and June 30, 2014 the Company recognized a beneficial conversion feature expense on borrowing
from convertible notes of $11,250 and $19,665, respectively. At June 30, 2015 and December 31, 2014 the unamortized note discount
from the beneficial conversion feature was $18,750 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 June 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 six months ended June 30, 2015 and June 30, 2014 of $(25,456) and $8,260, 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
June 30, 2015 and December 31, 2014 was $0 and $25,456 respectively.
|