Since January 1, 2015, the Company has directly paid down in cash $285,987.99 in principal, interest and additional fees and penalties (the “Prepayments”) specific to early payments of portions of the outstanding balances of “Convertible notes payable” and “Accrued Interest“ stated on its Consolidated Balance Sheet which for the period ended December 31, 2014 were $3,153,792 and $245,751 respectively, or a total of $3,399,543.
In addition, from January 1, 2015 through March 30, 2015, several respective note holders of various and specific “Convertible notes payable” converted $1,738,614 of the aggregate principal and interest, as reported for the period ended December 31, 2014, of the total of “Convertible notes payable” and “Accrued Interest” into shares of common stock of the Company, in accordance with federal law and regulation (the “Conversions”).
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Adjusted for the Prepayments, net of fees and penalties, and the Conversions, which together total $1,958,229 in reduction of such debt, the remaining outstanding balance of “Convertible notes payable” and “Accrued Interest” on the Consolidated Balance Sheet for the period ended December 31, 2014, would be reduced to $1,441,314 from $3,399,543.
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