| Notes payable |
As
of June 30, 2017 and December 31, 2016, notes payable consisted of the following:
| |
|
June
30,
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. The remaining balance of the note and accrued interest was converted into
common stock in April 2017. |
|
$ |
|
|
|
$ |
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. The remaining balance of the note and accrued interest was converted
into common stock in January 2017. |
|
|
|
|
|
|
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. |
|
|
75,705 |
|
|
|
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. |
|
|
|
|
|
|
1,220,155 |
|
| Senior
convertible promissory note dated June 23, 2017, issued to accredited investors, which matures December 23, 2018 and bears
interest at a rate of 12% per annum. The conversion price is $0.1362, subject to adjustment. |
|
|
736,290 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Total
Debt |
|
|
1,311,995 |
|
|
|
1,918,676 |
|
| |
|
|
|
|
|
|
|
|
| Less
Short-Term Portion |
|
|
575,705 |
|
|
|
564,324 |
|
| |
|
|
|
|
|
|
|
|
| Long-Term
Portion |
|
$ |
736,290 |
|
|
$ |
1,354,352 |
|
|