| Convertible Notes Payable |
| 8. |
cONVERTIBLE NOTEs PAYABLE |
Convertible notes
payable are summarized as follows.
| |
|
March 31, 2016 |
|
|
December 31, 2015 |
|
| |
|
|
|
|
|
|
| 6% Convertible notes payable issued in August 2013 |
|
$ |
3,000,000 |
|
|
$ |
3,000,000 |
|
| Discounts on above convertible note |
|
|
(333,342 |
) |
|
|
(583,341 |
) |
| 8% Convertible notes payable issued in Nov/Dec 2014 |
|
|
100,000 |
|
|
|
100,000 |
|
| Discounts on above convertible note |
|
|
- |
|
|
|
- |
|
| 8% Convertible notes payable issued in January 2015 |
|
|
150,000 |
|
|
|
150,000 |
|
| Discounts on above convertible note |
|
|
(81,655 |
) |
|
|
(93,231 |
) |
| 8% Convertible notes payable issued in January 2015 |
|
|
475,000 |
|
|
|
475,000 |
|
| Discounts on above convertible note |
|
|
(179,537 |
) |
|
|
(238,152 |
) |
| |
|
|
3,130,466 |
|
|
|
2,810,276 |
|
| Current portion of convertible notes payable |
|
|
(3,130,466 |
) |
|
|
(2,810,276 |
) |
| Convertible notes payable, less current portion |
|
$ |
- |
|
|
$ |
- |
|
|