Quarterly report pursuant to Section 13 or 15(d)

LOANS FROM RELATED PARTY (Tables)

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LOANS FROM RELATED PARTY (Tables)
9 Months Ended
Sep. 30, 2014
Loans From Related Party Tables  
Loans from related party

Notes payable to related party is as follows:

 

    September 30,
2014
    December 31, 2013  
Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to an entity controlled by Michael James an officer of the Company, bearing interest at a rate of 15% per annum. The maturity date has been extended until March 31, 2014. Interest shall be paid in cash or common stock at the holders’ option. Principal in the amount of $30,000 was paid during the quarter ended March 31, 2014.   $ -     $ 30,000  
                 
Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to Michael Nahass a director of the Company, bearing interest at a rate of 15% per annum. The maturity date has been extended until March 31, 2014. Interest shall be paid in cash or common stock at the holders’ option. During the year ended December 31, 2013, $17,502 has been advanced to the Company. Principal in the amount of $72,500 was paid during the quarter ended March 31, 2014.     -       72,500  
    $ -     $ 102,500