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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Tables)
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Convertible Notes Payable

 

Issue Maturity   March 31,   Interest   Conversion  
Date Date   2014   Rate   Rate  
Convertible notes Payable:                
October 13, 2014 April 13, 2015   $ 25,000   6.00 % 0.0050  
Unamortized discounts       (4,167 )        
Balance     $ 20,833          
                 
Convertible notes payable, in default                
October 31, 2012 April 30, 2013   $ 8,000   6.00 % 0.0040  
July 16, 2012 July 30, 2013     5,000   6.00 % 0.0050  
November 20, 2012 May 20, 2013     50,000   6.00 % 0.0050  
January 19, 2013 July 30, 2013     5,000   6.00 % 0.0040  
February 11, 2013 August 11, 2013     9,000   6.00 % 0.0060  
September 25, 2013 March 25, 2014     10,000   6.00 % 0.0125  
August 28, 2009 November 1, 2009     4,300   10.00 % 0.0150  
April 7, 2010 November 7, 2010     70,000   6.00 % 0.0080  
November 12, 2010 November 7, 2011     40,000   6.00 % 0.0050  
October 4, 2013 April 4, 2014     50,000   6.00 % 0.0125  
October 30, 2013 October 30, 2014     50,000   6.00 % 0.0125  
May 15, 2014 November 15, 2014     40,000   6.00 % 0.0070  
Unamortized discount       -          
Balance     $ 341,300          
                   
Convertible notes payable - related party, in default                
January 19, 2013 July 30, 2013   $ 15,000   6.00 % 0.0040  
January 9, 2009 January 9, 2010     10,000   6.00 % 0.0150  
January 25, 2010 January 25, 2011     6,000   6.00 % 0.0050  
January 18, 2012 July 18, 2012     50,000   8.00 % 0.0040  
July 26, 2013 January 26, 2014     10,000   6.00 % 0.0100  
January 17, 2014 July 17, 2014     31,500   6.00 % 0.0060  
May 27, 2014 November 27, 2014     7,000   6.00 % 0.0070  
July 21, 2014 January 25, 2015     17,000   6.00 % 0.0080  
Unamortized discount       -          
Balance     $ 146,500          
                   
Convertible notes payable - related party                
                   
October 16, 2014 April 16, 2015     21,000   6.00 % 0.0045  
Unamortized discount       (3,500 )        
Balance     $ 17,500          
                                   

 

 

 

Notes Payable

 

Issue Date

Maturity Date   March 31, 2015   Interest Rate  
Notes payable, in default –related parties:      
February 24, 2010 February 24, 2011   $ 7,500     6.00 %
                 
Notes payable, in default:              
June 23, 2011 August 23, 2011     25,000     6.00 %
April 27, 2011 April 27, 2012     5,000     6.00 %
        30,000        
                 
      $ 37,500        

Summary of effect on earnings

 

 

Face value of the convertible notes payable   $ 149,50 0  
Interest expense to record the convertible notes at        
fair value on the date of issuance     105,117  
Interest income to mark to market the convertible notes        
Interest expense to mark to market the convertible notes on March 15, 2015     15,504  
March 31, 2015 fair value   $ 270,121