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8. Convertible notes payable
6 Months Ended
Jun. 30, 2014
Summary of Investments, Other than Investments in Related Parties [Abstract]  
8. Convertible notes payable

8. Convertible notes payable

 

The company has no convertible notes outstanding at June 30, 2014. During the 6 month period to June 30, 2014 $ 198,328 in notes were converted into 731,449 common shares at set rates as indicated by individual note. There was $ 48,284 in a note payable at December 31, 2013 that was reclassified to a related party payable account.

 

On June 30, 2014 convertible debentures totaling $93,480 had matured and were to be converted to restricted shares. This is dependent on a Directors Resolution being issued by the Company. As of the date of our report a Directors Resolution had not been formally issued. The Board of Directors has indicated that in due time they will pass the resolution. Since the convertible debentures include an automatic conversion on maturity feature, and to accurately reflect the maturity of the debt and conversion to shares as of June 30, 2014, the financial information presented in these consolidated interim financial statements has treated the debt of $93,480 as matured and converted into restricted shares totaling 208,151.