| Notes payable |
| Notes payable is as follows: |
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
| Senior secured promissory note dated July 15, 2011, issued to an accredited investor, maturing July 15, 2012, bearing interest at a rate of 15% per annum. The maturity date has been extended until March 15, 2013. Principal in the amount of $150,000 was paid during the twelve months ended December 31, 2012. The balance of principal and interest was paid in stock during the quarter ended March 31, 2013. |
|
$ |
- |
|
|
$ |
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory demand note dated May 7, 2012, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
|
|
5,000 |
|
|
|
5,000 |
|
| |
|
|
|
|
|
|
|
|
| Promissory note dated July 26, 2013, issued to an accredited investor, maturing July 15, 2014, bearing interest at a rate of 12% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
|
|
150,000 |
|
|
|
150,000 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory demand notes, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
|
|
109,306 |
|
|
|
109,306 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory demand note, issued to an accredited investor, bearing interest at a rate of 15% per annum. |
|
|
3,474 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Senior secured promissory notes dated March 23, 2013, issued to accredited investors, maturing November 22, 2013, bearing interest at a rate of 60% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. $420,500 was converted in the third quarter ended September 30, 2013. |
|
|
504,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Senior secured promissory notes dated April 19, 2013, issued to accredited investors, maturing December 19, 2013, bearing interest at a rate of 60% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
|
|
250,000 |
|
|
|
- |
|
| Senior secured promissory notes dated May 3, 2013, issued to accredited investors, maturing November 22, 2013, bearing interest at a rate of 60% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. $47,000 was converted in the third quarter ended September 30, 2013. |
|
|
153,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Senior secured promissory notes dated July 26, 2013, issued to accredited investors, maturing April 26, 2014, bearing interest at a rate of 60% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
|
|
229,000 |
|
|
|
- |
|
| |
|
$ |
1,404,280 |
|
|
$ |
364,306 |
|
|