Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Notes Payable

v2.4.1.9
Note 8 - Notes Payable
3 Months Ended
Mar. 31, 2015
Notes  
Note 8 - Notes Payable

NOTE 8 – NOTES PAYABLE

 

Notes payable and related party notes payable consist of the following for the periods ended

3/31/2015

12/31/2014

 

 

 

Promissory note from a related party issued as working capital advances during 2014 with an interest rate stated at 0%. This note is due on demand.

85,694

83,294

 

 

 

Promissory note dated January 14, 2015 with an interest rate stated at 8%. Note is convertible into common stock at a 42% discount to predetermined market price. Interest and principal due at maturity October 16, 2015. Shown net of $45,113 discount.

18,887

0

 

 

 

Note dated June 22, 2014 with an interest rate stated at 4%. This note is convertible into 270,000 shares of common stock a related party

135,000

135,000

 

 

 

Total Notes Payable

239,581

218,294

 

 

 

Less Current Portion

239,581

218,294

 

 

 

Long Term Notes Payable

$0

$0

 

 

 

All are classified as short term by the Company. Accrued interest on these notes totaled.

$0

$0