PROMISSORY NOTE PAYABLE

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

PROMISSORY NOTE PAYABLE

NOTE 6 – PROMISSORY NOTE PAYABLE

On September 25, 2015, we entered into a Securities Purchase Agreement and issued a 15% Promissory Note with the principal face value of $500,000 (the “Note”) to an accredited investor. Under the terms of the Note, all principal and related accrued interest outstanding are due and payable to the noteholder upon the earlier of: (i) September 25, 2016; or (ii) within ten business days after the consummation of an equity or convertible debt financing with aggregate gross proceeds of at least $1,000,000.

Borrowings made pursuant to the note payable bear interest at the rate of 15%, irrespective of whether paid at or prior to September 25, 2016.  If any amount payable pursuant to the note payable is not paid when due (without regard to any applicable grace periods as set forth in the Note), whether at stated maturity, by acceleration or otherwise, such overdue amount shall bear interest at the rate of 15% from the date of such non-payment until such amount is paid in full.