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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On July 2, 2015, the Company issued promissory note for $195,000 which matured on August 2, 2015. The note bears interest at the rate of 18% per annum if the note is repaid on or prior to a maturity date, and 24% if the note is not repaid by the maturity date of August 2, 2015. On August 7, 2015, the Company has repaid the outstanding balance plus accrued interest in the amount of $3,542.

 

On July 16 and August 6, 2015, the Company issued additional Convertible Notes in the principal amounts of $250,000 and $1,000,000, respectively.

 

The Convertible Notes and related purchase agreement were amended on August 6, 2015 to increase the aggregate principal amount issuable under the purchase agreement from $2,000,000 to $3,000,000.

 

From June 30, 2015 through August 10, 2015, 90,663 shares of Series A preferred Stock were converted into 215,000 shares of common stock. In addition, the Company issued 1,393 shares of its common stock in satisfaction of a $487 dividend accrued on the shares Series A Preferred Stock that were converted.