XML 45 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
Note Payable
6 Months Ended
Sep. 30, 2015
Notes Payable [Abstract]  
Note Payable

Note 7 – Note Payable

 

On December 31, 2014, the Company converted accounts payable into a Senior Promissory Note (the “Note”) in the aggregate principal amount of $242,498. The Note bears interest at 6% per annum and interest is payable on a quarterly basis commencing March 31, 2015 or the Company may elect that the amount of such interest be added to the principal sum outstanding under this Note. The payables arose in connection with professional services rendered by attorneys for the Company prior to and through December 31, 2014, and the Note had an original maturity date of December 31, 2015 which was amended to June 30, 2016. As of September 30, 2015, $249,825 principal was outstanding under the Note.