5. LOANS PAYABLE

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

NOTE 5 - LOANS PAYABLE

At June 30, 2015, the Company had the following loans payable:

i)	$1,000: unsecured; interest at 15% per annum; originally due on April 20, 2012.
	·	On March 19, 2015, $4,000 was paid by the Company in partial settlement of the December 31, 2014 principal balance of $5,000.

ii)	$75,000: unsecured; interest at 10% per annum from January 10, 2015.
	·	One-half of the outstanding principal, or $37,500, and any accrued interest shall become due and payable on written demand  in full (not received to date) on the earlier of June 9, 2015 or the date on which the Company completes one or more debt or equity financings that generate aggregate gross proceeds of at least $250,000;

· The balance of the outstanding principal, or $37,500, and any accrued interest shall become due and payable on written demand in full on January 9, 2016; and

· The Company shall have the right to repay all or any part of the Principal and any accrued interest to the Lender at any time and from time to time, without any premium.

iii)	$41,611: unsecured; interest at 5% per annum; with no specific terms of repayment.
iv)	$200,000: unsecured; interest at 5% per annum from January 1, 2015; with no specific terms of repayment.

v)	$9,877: unsecured; interest at 5% per annum; with no specific terms of repayment.
vi)	$4,008: unsecured; non-interest bearing; with no specific terms of repayment.

At December 31, 2014, the Company had the following loans payable:

i)	$5,000: unsecured; interest at 15% per annum; originally due on April 20, 2012.
ii)	$75,000: unsecured; interest at 10% per annum; originally due on August 2, 2011.

iii)	$34,160: unsecured; interest at 5% per annum; with no specific terms of repayment.
iv)	$24,696: unsecured; non-interest bearing; with no specific terms of repayment (converted on January 9, 2015 to shares that were issued on April 6, 2015).

v) $100,000: unsecured; non-interest bearing; with no specific terms of repayment.

vi)	$1,767: unsecured; non-interest bearing; with no specific terms of repayment (converted on January 9, 2015 to shares that were issued on April 6, 2015).
vii)	$4,310: unsecured; non-interest bearing; with no specific terms of repayment.

As of June 30, 2015, interest totaling $12,263 (December 31, 2014 - $30,244) was accrued on the above loan amounts.