Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.4.0.3
Notes Payable
3 Months Ended
Mar. 31, 2016
Notes Payable / Senior Secured Convertible Promissory Notes [Abstract]  
NOTE PAYABLE

5. NOTES PAYABLE

  

On March 9, 2016 two investors assigned their 12% Promissory notes issued by the Company to a third investor. The third investor, on the same day, entered into two separate Exchange Agreements with the Company.  The Exchange Agreements allow the third investor to exchange the 12% Promissory Notes for two separate 12% Senior Secured Convertible Promissory Notes in the principal amounts of $100,000 and $200,000 respectively.

 

During the quarter ended March 31, 2016, the Company made payment of $100,000 on outstanding notes payable, and $30,000 on accrued interest.

 

As of March 31, 2016, the Company had notes payable in the aggregate amount of $600,000 outstanding.

 

The Company is in default under the terms of all of its outstanding notes payables.