Quarterly report pursuant to Section 13 or 15(d)

CONVERTIBLE DEBT OBLIGATIONS

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CONVERTIBLE DEBT OBLIGATIONS
 9 Months Ended
Sep. 30, 2015
Convertible Debt [Abstract]  
Convertible Debt Disclosure [Text Block]
8.
CONVERTIBLE DEBT OBLIGATIONS
 
Convertible notes consist of the following:
 
 
 
September 30, 2015
 
December 31, 2014
 
 
 
Principal
 
Interest [1]
 
Total
 
Principal
 
Interest [1]
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8% Convertible Notes
 
$
237,500
 
$
213,648
 
$
451,148
 
$
287,500
 
$
188,988
 
$
476,488
 
12.5% Convertible Notes
 
 
50,000
 
 
32,090
 
 
82,090
 
 
50,000
 
 
25,433
 
 
75,433
 
Total
 
$
287,500
 
$
245,506
 
$
533,238
 
$
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 nine months ended September 30, 2015, $50,000 of principal was repaid in cash. The Company accrued interest expense of $9,943 and $31,317 during the three and nine months ended September 30, 2015 and $24,541 and $95,146 during the three and nine months ended September 30, 2014. The period for conversion of the convertible notes expired and as such, the convertible notes are no longer convertible.