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Schedule of Convertible notes payable (Tables)
9 Months Ended
Dec. 31, 2014
Schedule of Convertible notes payable  
February 26, 2013 issuance of convertible notes with warrants

The Company estimated the relative fair value of these warrants on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

Expected option life (year)

 

 

3.00

 

 

 

 

 

 

Expected volatility

 

 

74.53

%

 

 

 

 

 

Risk-free interest rate

 

 

0.37

%

 

 

 

 

 

Dividend yield

 

 

0.00

%

March 15, 2013 issuance of convertible note with warrant

The Company estimated the relative fair value of these warrants on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

Expected option life (year)

 

 

 

 

 

 

3.00

 

 

 

 

 

 

 

 

 

 

Expected volatility

 

 

 

 

 

 

75.11

%

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

 

 

 

 

0.40

%

 

 

 

 

 

 

 

 

 

Dividend yield

 

 

 

 

 

 

0.00

%

 

Schedule of Convertible notes payable

 

Convertible notes payable consisted of the following:

 

 

 

December 31, 2014

 

 

March 31, 2014

 

On February 26, 2013, the Company issued two (2) convertible notes in the principal amount of $250,000 and $100,000, respectively, convertible at $0.25 per share, with interest at 12% per annum due on September 30, 2013. The Convertible Note in the principal amount of $250,000 with the accrued interest was converted to 1,154,520 shares on March 11, 2014. The Convertible Note in the principal amount of $100,000 is currently past due with no penalty and the Company continues to accrue the interest at 12% per annum.

 

 

100,000

 

 

 

100,000

 

 

 

 

 

 

 

 

 

 

On March 15, 2013, the Company cancelled a prior convertible note and entered into a 12% convertible note payable in the principal amount of $220,438 convertible into the Company’s common shares at $0.25 per share at any time prior to payment in full of the principal balance of the convertible note, maturing on September 30, 2013. The note is currently past due with no penalty and the Company continues to accrue the interest at 12% per annum

 

 

220,439

 

 

 

220,438

 

 

 

 

 

 

 

 

 

 

On July 16, 2013, the Company issued a convertible note in the principal amount of $111,111 with a 10% Original Issuance Discount ("OID") and a one-time interest charge of 12% after 90 days. The note is due one (1) year from the date of issuance with the conversion price at 65% of the lowest trade price for the 25 trade day period before the conversion date . The principal of the note of $111,111 and the related accrued interest of $13,333 were converted to 2,250,158 shares in January, 2014 and February, 2014.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On August 27, 2013, the Company issued a convertible notes in the principal amount of $153,500 convertible at 65% of the three lowest bids for 30 trading days before the conversion date with interest at 8% per annum due on May 26, 2014. The principal of the note of $153,500 and the related accrued interest of $6,140 were converted to 2,892,700 shares in February, 2014 and March, 2014.

 

 

-

 

 

 

-

 

 

On September 26, 2013, the Company issued a convertible note in the principal amount of $27,778 with a 10% Original Issuance Discount ("OID") and a one-time interest charge of 12%. The note is due one (1) year from the date of issuance with the conversion price at 65% of the lowest trade price for the 25 trade day period before the conversion date. The principal of the note of $27,778 and the related accrued interest of $3,333 were converted to 556,549 shares on March 26, 2014.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On October 15, 2013, the Company issued a convertible note in the principal amount of $58,000 convertible at $0.20 per share, with an $8,000 Original Issue Discount ("OID") and interest at 10% per annum maturing on May 1, 2014. The Debenture is secured by 1,250,000 restricted common shares of the Company.  In connection with the issuance of the convertible note, the Company granted the note holder a warrant to purchase 1,000,000 common shares with an exercise price of $0.25 per share, subject to certain adjustments pursuant to Section 3(b) Subsequent Equity Sales and Section 3(c) Subsequent Rights Offerings of the warrant ("full price and share reset provisions") expiring five (5) years from the date of issuance. The principal of the note of $58,000 and the related accrued interest of $5,800 were converted to 1,119,299 shares on March 30, 2014.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On November 21, 2013, the Company issued a convertible note in the principal amount of $53,000, convertible at 65% of the three lowest bids for 30 trading days before the conversion date, with interest at 8% per annum, due on August 25, 2014. The principal of the note of $53,000 and the related accrued interest of $2,120 were converted to 652,710 and 26,108 shares on May 27 and May 28, 2014.

 

 

-

 

 

 

53,000

 

 

 

 

 

 

 

 

 

 

On December 9, 2013, the Company issued a convertible note in the principal amount of $55,556 with a 10% Original Issuance Discount ("OID") and a one-time interest charge of 12%. The note is due one (1) year from the date of issuance with the conversion price at 65% of the lowest trade price for the 25 trade day period before the conversion date . The principal of the note of $55,556 and the related accrued interest of $6,666 were converted to 1,113,099 shares on March 27, 2014.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On February 7, 2014, the Company issued a convertible notes in the principal amount of $80,000 convertible at $0.10 per share, with interest at 8% per annum due on February 6, 2015.

 

 

80,000

 

 

 

80,000

 

 

 

 

 

 

 

 

 

 

On February 20, 2014 the Company issued a convertible note in the principal amount of $55,556 with a 10% Original Issuance Discount ("OID") and 12% one-time interest. The note is due on February 20, 2015, one (1) year from the date of issuance with the conversion price at 65% of the lowest trade price for the 25 trade day period before the conversion date. The principal of the note of $55,556 and the related accrued interest of $6,666 were converted to1,082,000 and 120,664  shares on August 20, 2014 and September 4, 2014.

 

 

-

 

 

 

55,556

 

 

 

 

 

 

 

 

 

 

On March 3, 2014 the Company issued a convertible note in the principal amount of $500,000 with a 32% Original Issuance Discount ("OID") that is to be waived upon filing a registration report and convertible at 60% of the two lowest bids for 10 trading days before the conversion date with interest at 8% per annum, due on December 17, 2014, The principal of note of $340,000 net of waived OID was converted to 6,899,892 shares during the quarter ending December 31, 2014.

 

 

-

 

 

 

340,000

 

 

 

 

 

 

 

 

 

 

On May 16, 2014 the Company issued a convertible note in the principal amount of $600,000 and convertible at 60% of the two lowest bids for 10 trading days before the conversion date with interest at 8% per annum, due on March 15, 2015. The principal of the note of $600,000 and the related accrued interest of $15,990 were converted to14,810,250 and 410,000 shares during the quarter ending December 31, 2014.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On June 23, 2014 the Company issued a convertible note in the principal amount of $150,000 with a 10% Original Issuance Discount ("OID") and 12% one-time interest. The note is due June 22, 2015, one (1) year from the date of issuance, convertible at 65% of the lowest trade price for the 25 trade day period before the conversion date. The principal amount of $28,892.50 was converted to 700,000 shares on December 29, 2014. The principal amount of $30,956.25 and $37,498.50 were converted to 750,000 and 900,000 shares on January 20, 2015 and February 4, 2015, respectively.

 

 

121,108

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On November 21, 2014 the Company issued a convertible note in the principal amount of $110,000 with a 10% Original Issuance Discount ("OID") and 8% one-time interest. The note is due one (1) year from the date of issuance, convertible at 70% of the lowest trade price for the 25 trade day period before the conversion date.

 

 

110,000

 

 

 

-

 

 

On December 17, 2014 the Company issued a convertible note in the principal amount of $222,222 with a 10% Original Issuance Discount ("OID") and 12% one-time interest. The note is due one (1) year from the date of issuance, convertible at 65% of the lowest trade price for the 25 trade day period before the conversion date.

 

 

222,222

 

 

 

-

 

 

 

 

 

 

 

 

 

 

On December 30, 2014 the Company issued a convertible note in the principal amount of $1,250,000 with a 20% Original Issuance Discount ("OID"). The note is due on June 30, 2016 convertible at $0.125 per share subject to adjustment stated in the agreement.

 

 

1,250,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Face amount

 

 

2,103,769

 

 

 

848,994

 

 

 

 

 

 

 

 

 

 

Discount representing (i) the relative fair value of the warrants issued, (ii) the beneficial conversion features and (iii) the derivative liability on conversion features

 

 

(1,557,576

)

 

 

(860,701

)

 

 

 

 

 

 

 

 

 

Accumulated amortization of discount of convertible notes payable

 

 

515,036

 

 

 

467,468

 

 

 

 

 

 

 

 

 

 

Remaining discount

 

 

(1,042,540

)

 

 

(393,233

)

 

 

 

 

 

 

 

 

 

Convertible notes payable, net

 

$

1,061,228

 

 

$

455,761