Convertible notes payable, related party consisted of the following at:
March 31, 2017 December 31, 2016
Convertible note payable to the Holland Family Trust, maturing on December 31, 2017, with interest at 10%
$222,572 $222,572
Convertible note payable to Craig Holland, maturing on December 31, 2017, with interest at 10%
813,602 813,602
Convertible note payable to Craig Holland, maturing on December 31, 2017, with interest at 10%
186,450 186,450
Convertible note payable to Mick Donahoo, maturing on December 31, 2017, with interest at 10%
186,450 186,450
Convertible note payable to Craig Holland, maturing on December 31, 2017, with interest at 10%
6,925 6,925
Convertible note payable to Mick Donahoo, maturing on December 31, 2017, with interest at 10%
31,042 31,042
Total
$ 1,447,041 $ 1,447,041
The “Holland Family Trust Convertible Note” is convertible into Company common stock at the greater of (i) the Variable Conversion Price and (ii) the Fixed Conversion Price. The “Variable Conversion Price” shall mean 50% multiplied by the Market Price (representing a discount rate of 50%). “Market Price” means the average of the three lowest trading prices for the Company’s common stock during the twenty-five (25) trading-day period ending on the latest complete trading day prior to the date of conversion. “Fixed Conversion Price” shall mean $0.00005.
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