Annual report pursuant to Section 13 and 15(d)

LOANS PAYABLE

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LOANS PAYABLE
12 Months Ended
Dec. 31, 2015
Loans Payable [Abstract]  
Debt Disclosure [Text Block]
12.
LOANS PAYABLE
 
As of December 31, 2013, the Company had loans payable to independent lenders of $458,480. On April 25, 2014, principal and related accrued interest of $450,000 and $88,987, respectively, were converted into 269,492 shares of the Company’s common stock. See Note 14 – Related Party Transactions for details associated with loans payable to related parties that were repaid during 2014.
 
On January 7, 2014, the Company issued a note payable in the amount of $100,000 to an independent lender. The note and related accrued interest of $2,438 were exchanged for 51,220 shares of the Company’s common stock on April 16, 2014.
 
On July 24, 2014, the Company issued a note payable in the amount of $125,000 to an independent lender. The note and related accrued interest of $1,678 were exchanged for 63,339 shares of the Company’s common stock on September 11, 2014.
 
On March 7, 2014, the Company issued a note payable in the amount of $100,000 to a single independent lender. The note bore interest at 8% per annum and was payable on demand at any time after March 6, 2015. On April 21, 2015, the Company repaid the principal of $100,000 and the related accrued interest of $11,233.