|3 Months Ended|
Mar. 31, 2015
|Debt Disclosure [Abstract]|
6. NOTES PAYABLE
On February 20, 2015, the Company renegotiated the terms of the $200,000 secured convertible note such that the due date was extended to March 31, 2015. In connection with the extension, the Company issued the investor an immediately vested five-year warrant to purchase 400,000 shares of the Companys common stock at an exercise price of $1.00 per share. The warrant had an issuance date fair value of $23,641, which was recognized as amortization of debt discount during the three months ended March 31, 2015. See Note 11 - Subsequent Events Convertible Note Payable for details associated with subsequent extensions.
Amortization of debt discount for the three months ended March 31, 2015 and 2014 was $41,998 and $0, respectively, related to convertible notes payable.
Interest expense for the three months ended March 31, 2015 and 2014 was $9,059 and $34,331, respectively.
During the three months ended March 31, 2015, the Company made aggregate principal repayments of $53,273 associated with non-convertible notes payable.
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