LOANS PAYABLE |
12 Months Ended | ||||
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Dec. 31, 2015 | |||||
| Loans Payable [Abstract] | |||||
| Debt Disclosure [Text Block] |
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. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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