WOW ALMOST A MILLION DOLLARS IN NOTES!!!! BEWARE THE DUMP
In accordance with ASC 470-20 Debt with Conversion and Other Options, the Company recorded total discounts of $160,500 and $818,877 for the variable conversion features of the convertible debts incurred during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively. The discounts, including Original Issue Discounts of $5,500 and $44,250 during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively, are being amortized to interest expense over the term of the debentures using the effective interest method. The Company recorded $258,525 and $47,808 of interest expense pursuant to the amortization of the note discounts during the three months ended March 31, 2015 and 2014, respectively.
