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http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10305659
10. Short term convertible note payable
In May 2013 the Company entered into a promissory note of up to $500,000 where the maturity date is one year after the lender provides the borrower with funds. Included is a 10% Original Issue Discount. Interest is zero for the first three months if the principal is fully paid within 90 days. A one time interest rate of 12% is applied in case of non payment within the initial 90 days.
The note is convertible at the lessor of $.30 or 70% of the lowest trading price in the 25 trading days prior to conversion.
In 2013 the Company received $111,111 in proceeds and incurred $13,333 in accrued interest. In addition the Company converted $59,903 into shares of common stock and paid $31,111 in cash against this loan. The remaining balance as of December 31, 2013 amounted to $64,541.
In 2014 the Company received $105,000 in proceeds and converted $86,579 into 1,395,991 shares of common stock. As of September 30, 2014 the remaining balance amounted to $82,962.
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