XML 25 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 5 - Convertible Debt (Details Narrative) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Jun. 30, 2014
July Notes
         
July 2012 Notes Face Value         $ 197,344
July 2012 Notes Initial Discount 84,788   84,788    
July 2012 Notes Amortization 3,533   24,730    
July 2012 Notes Carrying Value 173,858   173,858    
July 2012 Notes Unamortized Discount 0   0    
Maturity date     Jul. 31, 2014    
Interest rate     10.00%    
Interest Expense 5,192 5,179 15,009 15,883  
Amortization of Debt Issuance Cost 6,609 6,609 15,420 19,826  
Valuation model used     Black Scholes    
Volatility     50.50%    
Risk free interest rate     0.22%    
Dividend rate     0.00%    
August and September 2012 Notes
         
September 2012 Notes Face Value 330,900   330,900    
September 2012 Notes Initial Discount 115,712   115,712    
September 2012 Notes Amortization 9,643 14,464 38,571 43,392  
Maturity date     Sep. 30, 2014    
Interest rate     10.00%    
Amortization of Debt Issuance Cost 1,650 2,476 7,427 6,602  
Valuation model used     Black Scholes    
Volatility     50.50%    
Risk free interest rate     0.22%    
Dividend rate     0.00%    
October and November Notes
         
October and November Notes Face Value 624,372   624,372    
October and November Notes conversion of notes payable-related parties 565,372   565,372    
October and November Notes debenture sold by founders 141,800   141,800    
October and November Notes Initial Discount 254,004   254,004    
October and November Notes Amortization 28,867 31,750 92,368 95,251  
October and November Notes Carrying value 611,047   611,047    
October and November Notes Unamortized Discount 13,326   13,326    
Maturity date     Nov. 30, 2014    
Interest rate     10.00%    
Interest Expense 15,609 15,609 46,828 46,828  
Valuation model used     Black Scholes    
Volatility     50.50%    
Risk free interest rate     0.22%    
Dividend rate     0.00%    
August 2014 Convertible Debentures
         
August 2014 Convertible Debentures outstanding principal and accrued interest 240,000   240,000    
August 2014 Convertible Debentures amortization of discount 5,772   5,772    
August 2014 Convertible Debentures, carrying value 210,756   210,756    
August 2014 Convertible Debentures Unamortized discount 29,244   29,244    
Maturity date     Jul. 31, 2015    
Interest rate     10.00%    
Interest Expense 4,000 4,000 4,000 4,000  
Valuation model used     Black Scholes    
Dividend rate     0.00%    
Volatility, Minimum     43.99%    
Volatility, maximum     44.08%    
Risk free interest rate, Minimum     1.60%    
Risk free interest rate, Maximum     1.74%    
September 2014 Convertible Debentures
         
Debentures issued in conversion, exchange     360,275    
Debentures issued in conversion, cash     176,718    
September 2014 Convertible Debentures, Face value 157,080   157,080    
September 2014 Convertible Debentures conversion of notes payable related- parties 35,000   35,000    
September 2014 Convertible Debentures amortization of discount 2,395   2,395    
September 2014 Convertible Debentures, carrying value 332,612   332,612    
September 2014 Convertible Debentures Unamortized discount 30,058   30,058    
Maturity date     Aug. 31, 2015    
Interest rate     12.00%    
Interest Expense 3,441 3,441 3,441 3,441  
Valuation model used     Black Scholes    
Dividend rate     0.00%    
Volatility, Minimum     43.99%    
Volatility, maximum     44.08%    
Risk free interest rate, Minimum     1.60%    
Risk free interest rate, Maximum     1.74%    
July 2014 Convertible Notes
         
July 2014 Convertible Notes, Face value 52,500   52,500    
July 2014 Convertible Notes, amortization of discount 3,531   3,531    
July 2014 Convertible Notes, carrying value 41,402   41,402    
July 2014 Convertible Notes, Unamortized discount 11,098   11,098    
Maturity date     Jul. 31, 2015    
Interest rate     10.00%    
Interest Expense 1,260   1,260    
Valuation model used     Black Scholes    
Dividend rate     0.00%    
Volatility, Minimum     43.99%    
Volatility, maximum     44.08%    
Risk free interest rate, Minimum     1.60%    
Risk free interest rate, Maximum     1.74%    
Convertible Promissory Note
         
Interest Expense $ 2,685   $ 2,685