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LOANS PAYABLE
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12 Months Ended | ||||
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Dec. 31, 2014
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| Loans Payable [Abstract] | |||||
| Debt Disclosure [Text Block] |
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 converted into 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 converted into 63,339 shares of the Company’s common stock on September 11, 2014. Loans payable consist of notes payable to independent lenders and to a related party (see Note 15 – Related Party Transactions). Loans payable to independent lenders of $100,000 at December 31, 2014 consist of a note payable to a single lender. The note is dated March 7, 2014, bears interest at 8% per annum and is payable on demand any time after March 6, 2015. As of December 31, 2014, the Company has accrued interest of $8,192 related to this note. Loans Payable to independent lenders of $458,480 at December 31, 2013 consist primarily of two notes payable to a single lender. The first note dated March 4, 2011, was in the amount of $250,000, and bore interest at 8% per annum. The second note dated January 3, 2013, was in the amount of $200,000 and bore interest at 10% per annum. As of December 31, 2013, the Company had recorded accrued interest of $78,383 related to these notes. On April 25. 2014, both notes and the related accrued interest of $88,986 were converted into 269,493 shares of the Company’s common stock. |