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PAYABLE - RELATED PARTY
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
NOTE 7 - PAYABLE - RELATED PARTY

Addendum to Promissory Note – Stephen Frye

 

On April 14, 2014, the Company entered into a Promissory Note dated April 15, 2014 (the “Note”) with Stephen Frye, former Chief Executive Officer, President, CFO, and Director of the Company, for $13,500 with interest accruing at the rate of 12% per annum with an extended due date of December 31, 2015 (“Addendum One”). On June 15, 2015, the Company entered into Addendum Two (“Addendum Two”), which allowed the conversion of $15,206 (the principal and outstanding interest due under the Note) payable in Common Stock of the Company with the price per share being the closing price of the Company’s stock as of the date of the Agreement. The fair value of the closing stock price was calculated, as of June 15, 2015, at $0.14, whereby the Note and accrued interest was converted into 108,614 shares of Restricted Common Stock of the Company to pay off the Note in full.

 

Myers – Line of Credit (LOC)

 

The amounts due under the Myers - LOC at December 31, 2015 and 2014, was $136,960 and $139,029, respectively. These amounts are unsecured and bear interest at 12% per annum. At December 31, 2015 and 2014, accrued interest on these amounts was $35,309 and $18,562, respectively.

 

On January 13, 2014, the Company entered into an asset purchase agreement with Baker Myers and Associates, LLC (“Baker Myers”) to acquire certain assets including, www.classifiedride.com, an online classified listing website where private sellers can buy, sell, and trade their vehicle. Ms. Myers is the managing member and sole owner of Baker Myers, and also serves as an Officer and Director of the Company. As of September 30, 2014, pursuant to GAAP ASC 805-50-30, the carrying value of the assets was recorded to the transaction being made by a related party as $587,564 and a convertible note was amended and issued in the amount of $587,564 with an interest rate of 8% per annum. At December 31, 2015, the note balance and accrued interest was $587,564 and $92,465, respectively.