| Notes payable |
| |
|
March
31,
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. |
|
$ |
5,000 |
|
|
$ |
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. |
|
|
|
|
|
|
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. |
|
|
53,539 |
|
|
|
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. |
|
|
743,841 |
|
|
|
1,220,155 |
|
| Senior
convertible promissory note dated February 23, 2017, issued to accredited investors, which matures August 22, 2018 and bears
interest at a rate of 12% per annum. The conversion price is $0.25, subject to adjustment. |
|
|
908,998 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Total
Debt |
|
|
2,211,378 |
|
|
|
1,918,676 |
|
| |
|
|
|
|
|
|
|
|
| Less
Short-Term Portion |
|
|
505,000 |
|
|
|
564,324 |
|
| |
|
|
|
|
|
|
|
|
| Long-Term
Portion |
|
$ |
1,706,378 |
|
|
$ |
1,354,352 |
|
|