| Long Term Debt |
Long
term debt consisted of the following at June 30, 2016 and December 31, 2015:
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June
30,
2016 |
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December
31,
2015 |
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|
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| On
May 22, 2015, the Company issued a convertible promissory note with a cap of $50,000 with a 0% interest rate for the first
three months. The terms of the note include a $5,000 Original Issue Discount, providing for a maximum funding of $45,000.
The amount of the note funded as of March 31, 2016 was $25,000. The Company may repay this Note at any time on or before 90
days from the effective date. If the Company does not make a payment on or before 90 days from the notes effective date, a
one-time interest charge of 12%shall be applied to the principal sum. The maturity date of the note is two years from the
effective date of the note. The investor has the right, at any time after the Effective Date, at its election, to convert
all of part of the outstanding and unpaid Principal Sum and accrued interest. The conversion price is the lesser of $0.10
or 60% of the lowest trade price in the 25 trading days previous to the conversion. Balance net of unamortized discount of
$4,772 as of December 31, 2015. As of June 30, 2016 the full amount of the note has been converted to common shares. |
|
$ |
- |
|
|
$ |
2,006 |
|
| |
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|
|
|
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| On
November 3, 2015, the Company issued a $63,000 8% convertible note with a term expiring on November 3, 2016 (the "Maturity
Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common
stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the
fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of
unamortized discount of $36,750 and $52,500 at June 30, 2016 and December 31, 2015 respectively. |
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|
- |
|
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|
10,500 |
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| |
|
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|
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|
|
|
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| On
November 20, 2015, the Company issued a $30,000 12% convertible note with a term expiring on November 20, 2016 (the "Maturity
Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common
stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the
twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized
discount of $20,000 and $27,500 at June 30, 2016 and December 31, 2015 respectively. |
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|
- |
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|
|
2,500 |
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| |
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|
|
| On
November 19, 2015, the Company issued a $50,000 12% convertible note with a term expiring on November 19, 2016 (the "Maturity
Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common
stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the
twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net of unamortized
discount of $31,250 and $43,750 at June 30, 2016 and December 31, 2015 respectively. |
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- |
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|
6,250 |
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| |
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|
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| On
November 25, 2015, the Company issued a $27,500 8% convertible note with a term expiring on November 25, 2016 (the "Maturity
Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common
stock at any time, at the holder's option, at a price equal to 42% of the lowest trading price of the common stock for the
twenty-five prior trading days including the day upon which a Notice of Conversion is received by the Company. Balance net
of unamortized discount of $18,333 and $25,208 at June 30, 2016 and December 31, 2015 respectively. |
|
|
- |
|
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|
2,292 |
|
| |
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|
| On
February 19, 2016, the Company issued a total of $1,625,000 15% convertible notes with a term expiring August 18, 2016 (the
“Maturity Date”). The principal amounts of each note and interest is payable on the maturity date. The notes are
convertible into common stock at any time, at the holder’s option, The conversion price shall be the lowest of (i) $0.15,
(ii) 58% of the price of the Company’s securities that are sold in any offering of the Company’s securities in
excess of $100,000, of (iii) the conversion price of any Equity converted on or prior to the Conversion Date. Balance net
of unamortized discount of $340,325 at June 30, 2016. As of October 4, 2016, all but $125,000 of these notes has been paid
in full. The remain balance is past maturity. |
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|
1,284,675 |
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|
- |
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| As
of April 29, 2016, the Company issued a total of $375,000 of 10% Secured Subordinated promissory notes with a term expiring
January 12, 2017 (the “Maturity Date”), and an original issue discount of fifty percent (50%). Interest is payable
on the outstanding principal of these notes at 10% per annum on the Maturity Date. Balance net of unamortized discount of
$144,118 at June 30, 2016. |
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|
230,882 |
|
|
|
- |
|
| |
|
|
|
|
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|
|
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| |
|
|
1,515,557 |
|
|
|
23,548 |
|
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|
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| Less
current portion pertaining to continuing operations |
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|
(1,515,557 |
) |
|
|
(6,778 |
) |
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$ |
- |
|
|
$ |
16,770 |
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