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Note 4 - Issuance of Convertible Promissory Notes
3 Months Ended
Mar. 31, 2015
Notes  
Note 4 - Issuance of Convertible Promissory Notes

NOTE 4 – ISSUANCE OF CONVERTIBLE PROMISSORY NOTES

 

During the three months ended March 31, 2014, the Company issued a $40,000 convertible promissory note to the sole officer and director of the Company and a $15,000 convertible promissory note to another affiliated shareholder (the “Convertible Notes”). The Convertible Notes have a term of one year and accrue interest at the rate of 12% per annum. The holders of the Convertible Notes, may, at their option, convert all or any portion of the outstanding principal balance of, and all accrued interest on the Convertible Notes into shares of the Company’s common stock, par value $0.001 per share, at a conversion rate of $1.00 per share.  Proceeds from the Convertible Notes were partially used to pay $38,410 of advances from a related party. 

 

The Company believes the offer and sale of the securities described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), for the private placement of these securities pursuant to Section 4(2) of the Act and/or Regulation D thereunder because the securities were sold in a transaction not involving a public offering.