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Promissory Notes
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Promissory Notes

Note 6. Promissory Notes

 

A detailed summary of the promissory notes is as follows:

 

Issuance Date   Maturity Date     APR1    

Payment

Amount

  

Payments

Frequency

  

September 30, 2017

Face Value Balance

  

December 31, 2016

Face Value Balance

16-Feb-16   23-Feb-17 2   12.00 %   $ 1,000   Monthly   $ 100,000   $ 100,000
22-Feb-16   31-Aug-17 2   25.00       10,417   Monthly     500,000     500,000
22-Mar-16   22-Mar-17 2   12.00       700   Monthly     70,000     70,000
1-Jul-16   1-Aug-17 2   20.00       20,000   Monthly     280,000     400,000
3-Oct-16   27-Dec-17     42.09       2,255   Weekly     -     117,261
18-May-17   1-Jul-19 3   20.00     $ 15,000   Monthly*     165,000     -
28-Jul-17   26-Jul-18     39.00       1,419   Daily     233,151     -
7-Aug-17   16-Oct-18     33.00       213   Daily     55,754     -
8-Sep-17   30-Mar-18     19.00 %     3,667   Weekly     92,415     -
Total Face Value                           1,436,320     1,187,261
Unamortized Discount                           (201,624)     (143,419)
Total                         $ 1,234,696   $ 1,043,842

 

1 Imputed Annual Percentage Rate (“APR”)

2 Principal Overdue

3 Scheduled monthly payments of $15,000 for promissory note issued on May 18, 2017 will begin September 1, 2018.

 

Following are maturities of the long –term debt as of September 30, 2017:

 

   

Principal

Payments

2017   $ 860,244
2018     471,076
2019     105,000
Total   $ 1,436,320