Quarterly report pursuant to Section 13 or 15(d)

CONVERTIBLE DEBT OBLIGATIONS

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CONVERTIBLE DEBT OBLIGATIONS
 6 Months Ended
Jun. 30, 2015
Convertible Debt [Abstract]  
Convertible Debt Disclosure [Text Block]
8.
CONVERTIBLE DEBT OBLIGATIONS
 
Convertible notes consist of the following:
 
 
 
June 30, 2015
 
December 31, 2014
 
 
 
Principal
 
Interest [1]
 
Total
 
Principal
 
Interest [1]
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8% Convertible Notes
 
$
237,500
 
$
205,948
 
$
443,448
 
$
287,500
 
$
188,988
 
$
476,488
 
12.5% Convertible Notes
 
 
50,000
 
 
29,847
 
 
79,847
 
 
50,000
 
 
25,433
 
 
75,433
 
Total
 
$
287,500
 
$
235,795
 
$
523,295
 
$
337,500
 
$
214,421
 
$
551,921
 
 
[1] Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.
 
During the six months ended June 30, 2015, $50,000 of principal was repaid in cash. The Company accrued interest expense of $9,919 and $21,373 during the three and six months ended June 30, 2015 and $24,541 and $78,332 during the three and six months ended June 30, 2014.