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Debt Financing
 3 Months Ended
Mar. 31, 2014
Debt Financing [Abstract]  
Debt Financing
Note 4. Debt Financing

Certain principal shareholders have granted the Company secured convertible notes (in accordance with the Uniform Commercial Code in the State of Delaware) and short term convertible notes, which have a total carrying value of E38,227 including interest due to date. Interest incurred on these notes since inception has been added to the principal amounts.
 
   The details of the convertible notes and loans are as follows at March 31, 2014:

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed
 
 
 
 
 
 
 
 
 
 
 
 
Conversion
 
Rate
 
Lender
 
1st-Issue
 
 
Principal
 
Duration
 
Interest
 
Price
 
EUR/USD
 
Price
 
Date
 
 
Amount
 
(Note)
 
Rate
 
(stated)
 
Conversion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eardley Holding A.G. (1)
 
06/23/2006
 
 
E
138
 
(2
)
10% pa
 
$
0.10
 
N/A
 
Anglo Irish Bank S.A.(3)
 
10/21/2007
 
 
E
500
 
(2
)
10% pa
 
$
0.50
 
1.4090
 
Round Enterprises Ltd.
 
12/10/2007
 
 
E
1,500
 
(2
)
10% pa
 
$
0.50
 
1.4429
 
Round Enterprises Ltd.
 
01/22/2008
 
 
E
1,500
 
(2
)
10% pa
 
$
0.50
 
1.4629
 
Round Enterprises Ltd.
 
04/25/2008
 
 
E
2,000
 
(2
)
10% pa
 
$
0.50
 
1.5889
 
Round Enterprises Ltd.
 
06/30/2008
 
 
E
1,500
 
(2
)
10% pa
 
$
0.50
 
1.5380
 
Round Enterprises Ltd.
 
11/18/2008
 
 
E
1,200
 
(2
)
10% pa
 
$
0.50
 
1.2650
 
Round Enterprises Ltd.
 
02/09/2009
 
 
E
1,500
 
(2
)
10% pa
 
$
0.50
 
1.2940
 
Round Enterprises Ltd.
 
06/15/2009
 
 
E
5,500
 
(2,4
)
10% pa
 
$
0.80
 
1.4045
 
Eardley Holding A.G.
 
06/15/2009
 
 
E
100
 
(2,4
)
10% pa
 
$
0.80
 
1.4300
 
Von Meyenburg
 
08/03/2009
 
 
E
200
 
(2
)
10% pa
 
$
0.80
 
1.4400
 
Round Enterprises Ltd.
 
10/13/2009
 
 
E
2,000
 
(2
)
5% pa
 
$
0.25
 
1.4854
 
Round Enterprises Ltd.
 
12/18/2009
 
 
E
2,200
 
(2
)
5% pa
 
$
0.25
 
1.4338
 
Round Enterprises Ltd.
 
08/04/2011
 
 
E
873
 
(5,6
)
10% pa
 
$
0.034
 
N/A
 
Eardley Holding A.G.
 
08/04/2011
 
 
E
218
 
(5,6
)
10% pa
 
$
0.034
 
N/A
 
Round Enterprises Ltd.
 
11/08/2011
 
 
E
400
 
(6
)
10% pa
 
$
0.034
 
1.3787
 
Eardley Holding A.G.
 
11/08/2011
 
 
E
100
 
(6
)
10% pa
 
$
0.034
 
1.3787
 
Round Enterprises Ltd.
 
02/10/2012
 
 
E
1,000
 
(6
)
10% pa
 
$
0.034
 
1.3260
 
Eardley Holding A.G.
 
02/14/2012
 
 
E
200
 
(6
)
10% pa
 
$
0.034
 
1.3260
 
Round Enterprises Ltd.
 
04/19/2012
 
 
E
322
 
(6
)
10% pa
 
$
0.034
 
1.3100
 
Eardley Holding A.G.
 
04/19/2012
 
 
E
80
 
(6
)
10% pa
 
$
0.034
 
1.3100
 
Round Enterprises Ltd.
 
05/04/2012
 
 
E
480
 
(6
)
10% pa
 
$
0.034
 
1.3152
 
Eardley Holding A.G.
 
05/04/2012
 
 
E
120
 
(6
)
10% pa
 
$
0.034
 
1.3152
 
Round Enterprises Ltd.
 
09/03/2012
 
 
E
200
 
(6
)
10% pa
 
$
0.034
 
1.2576
 
Eardley Holding A.G.
 
09/03/2012
 
 
E
50
 
(6
)
10% pa
 
$
0.034
 
1.2576
 
Round Enterprises Ltd.
 
11/14/2012
 
 
E
500
 
(6
)
10% pa
 
$
0.034
 
1.2718
 
Eardley Holding A.G.
 
12/06/2012
 
 
E
125
 
(6
)
10% pa
 
$
0.034
 
1.3070
 
Round Enterprises Ltd.
 
01/16/2013
 
 
E
240
 
(6
)
10% pa
 
$
0.034
 
1.3318
 
Eardley Holding A.G.
 
01/16/2013
 
 
E
60
 
(6
)
10% pa
 
$
0.034
 
1.3318
 
Round Enterprises Ltd.
 
03/25/2013
 
 
E
400
 
(6
)
10% pa
 
$
0.037
 
1.2915
 
Eardley Holding A.G.
 
04/14/2013
 
 
E
150
 
(6
)
10% pa
 
$
0.034
 
1.3056
 
Round Enterprises Ltd.
 
04/14/2013
 
 
E
600
 
(6
)
10% pa
 
$
0.034
 
1.3056
 
Eardley Holding A.G.
 
05/15/2013
 
 
E
170
 
(6
)
10% pa
 
$
0.037
 
1.2938
 
Round Enterprises Ltd.
 
05/15/2013
 
 
E
680
 
(6
)
10% pa
 
$
0.037
 
1.2938
 
Eardley Holding A.G.
 
06/24/2013
 
 
E
60
 
(6
)
10% pa
 
$
0.025
 
1.3340
 
Round Enterprises Ltd.
 
06/24/2013
 
 
E
240
 
(6
)
10% pa
 
$
0.025
 
1.3340
 
Eardley Holding A.G.
 
08/05/2013
 
 
E
80
 
(6
)
10% pa
 
$
0.018
 
1.3283
 
Round Enterprises Ltd.
 
08/05/2013
 
 
E
320
 
(6
)
10% pa
 
$
0.018
 
1.3283
 
Total Short Term Principal Amounts
 
 
 
 
E
27,506
 
 
 
 
 
 
 
 
 
 
   Accrued Interest
 
 
 
 
E
10,721
 
 
 
 
 
 
 
 
 
 
Total Convertible Notes to Related Parties
 
 
 
 
E
38,227
 
 
 
 
 
 
 
 
 
 
  Norwood Contingent Liability
 
 
 
 
 
236
 
 
 
 
 
 
 
 
 
 
TOTAL LOANS, NOTES AND CONTINGENT LIABILITES
 
 
 
 
E
38,463
 
 
 
 
 
 
 
 
 
 
 
(1) Private investment company of Dr. Thomas Staehelin, member of the Board of Directors and of the Audit Committee of the Company. Face value is stated in U.S. dollars at $190.

(2) This maturity date is automatically prolonged for periods of 3 months, unless called for repayment.

(3) Renamed Hyposwiss Private Bank Geneve S.A. and acting on behalf of Round Enterprises Ltd. which is a major shareholder.

(4) The loan is secured against 2/3rds of the IP assets of Bestewil Holding BV and against all property of the Company.

(5) The face values of the loans are stated in U.S. dollars at $1,200 and $300, respectively.

(6) This maturity date is automatically prolonged for periods of three months, unless called for repayment. The conversion price is determined by reducing by 10% the price per share of the Company's common stock paid by the investors in connection with an investment in the Company of not less than $20,000.