WOW that's insane how much debt there is here!! So where is the light at the end of the tunnel?? Is this FDA talk real or what? I only traded this ticker never looked into it deeply Thanks and best of luck too u!
(1) The Company borrowed $50,000 January 2014, due January 2015. The holder of the note has the right, after the first one hundred eighty days of the note (July 16, 2014), to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.07 or 58% of the lowest trade price in the 10 trading days previous to the conversion. The Company recorded a debt discount of $46,249 related to the conversion feature and original issue discount. Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the twelve month life of the note. During the nine months ended September 30, 2014, $1,797 interest expense was recorded, and total amortization of $46,249 was recorded resulting in a debt discount of $0 at September 30, 2014.
(2) The Company borrowed $50,000 January 2014, due January 2015. The holder of the note has the right, after the first one hundred eighty days of the note (July 27, 2014), to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.09 or 58% of the lowest trade price in the 10 trading days previous to the conversion. The Company recorded a debt discount of $49,636 related to the conversion feature and original issue discount. Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the twelve month life of the note. During the nine months ended September 30, 2014, $2,685 interest expense was recorded, and total amortization of $26,556 was recorded resulting in a debt discount of $23,080 at September 30, 2014