Annual report pursuant to Section 13 and 15(d)

Convertible Note Payable

v3.3.1.900
Convertible Note Payable
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Convertible Note Payable

Note 8 – Convertible Note Payable

 

On December 23, 2015, the Company issued a secured convertible promissory note in the amount of $25,000. The note carries a rate of 8% and is due on March 23, 2016. It is secured by all the assets of the Company. The note further contains a provision that the lender may convert any part of the note, including accrued interest, that is unpaid into the Company’s common stock at an exercise price of $0.50 per share. As of March 23, 2016, the note is in default.

 

The note also contains a five year warrant to purchase 100,000 shares of common stock at an exercise price of $0.50 per share until December 23, 2020 (See Note 5).