PROMISSORY NOTES PAYABLE AND ADVANCES (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of notes payable and advances

Borrowings under notes payable and advances as of September 30, 2016 and December 31, 2015 are summarized as follows:

	Company Proceeds		Carrying Value as of September 30, 2016		Carrying Value as of December 31, 2015		Accrued Interest as of September 30, 2016		Accrued Interest as of December 31, 2015		Principal Value at Maturity
15% Note	$	500,000	$	-	$	500,000	$	-	$	31,479	$	-
10% Note		50,000		50,000		50,000		4,466		1,383		50,000
10% Note (2015)		87,500		108,055		62,949		8,860		548		110,000
10% Note (2015 Advances)		322,500		361,110		229,555		28,750		1,642		361,110
10% Note (2016 Advances)		1,065,000		332,795		-		16,256		-		1,080,556
8% Convertible Note		245,000		207,765		-		11,090		-		275,000
15% Convertible Note		35,000		610,000		-		45,002		-		610,000
	$	2,305,000	$	1,669,725	$	842,504	$	114,425	$	35,052	$	2,486,666

Schedule of embedded conversion feature key inputs at inception

Management used a Monte Carlo valuation model to estimate the fair value of the embedded conversion option at issuance of the convertible note issued, with the following key inputs:

	At issuance
Stock price	$	0.68
Term (years)		0.76
Volatility		98.9	%
Risk-free rate of interest		0.5	%
Dividend yield		0.0	%