Notes Payable |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Debt Disclosure [Abstract] | |
| Notes Payable |
7. NOTES PAYABLE
CONVERTIBLE NOTE
As of March 31, 2016, the secured convertible note had an outstanding principal balance of $50,000 which was past due.
Amortization of debt discount for the three months ended March 31, 2016 and 2015 was $0 and $41,998, respectively, related to the convertible note payable.
During the three months ended March 31, 2016, the Company made aggregate principal repayments of $0 associated with its convertible note payable.
NON-CONVERTIBLE NOTES
During the three months ended March 31, 2016, the Company made aggregate principal repayments of $23,434 associated with non-convertible notes payable, which included the principal repayment of $20,000 to a related party.
INTEREST EXPENSE
Interest expense for the three months ended March 31, 2016 and 2015 was $35,238 and $9,059, respectively. |
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- References No definition available.
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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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