Notes Payable |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Notes Payable |
NOTE 11 NOTES PAYABLE
From February to April 2014, the Company entered into a marketing agreement with Echo Factory, Inc. The agreement provides that the Company will issue three promissory notes to Echo Factory in an amount equal to $7,500 for service provided on February 14, March 14 and April 14, 2014. The Promissory Note shall have 12 month term and bear 8% interest and be unsecured. As of September 30, 2015, the Company had principal outstanding in the promissory note of $22,500, and accrued interest of $2,752.
During 2012, the Company borrowed $55,000 through an unsecured promissory note bearing interest at 10% with a maturity date of March 10, 2014. During 2013, the Company borrowed additional $43,214, and converted $8,062 into 8,062,000 shares of common stock. As of September 30, 2015, the Company had principal outstanding in the promissory note of $90,152, and accrued interest of $27,545.
On June 4, 2012, Bitzio, Inc. and ACT entered into a share purchase agreement wherein Bitzio acquired all of the issued and outstanding members equity in exchange for 3,300,000 Series A Convertible Redeemable Preferred shares of the Company. On February 22, 2013, the two parties agreed to unwind the transaction by Bitzio returning the ACT shares acquired and ACT returning the Bitzio preferred share consideration for cancellation. In addition, Bitzio agreed to pay an aggregate of 147,000 Euros ($194,447 USD) to ACT. The Company re-measured the amount due in U.S. dollars as of September 30, 2015 and recorded a gain on foreign currency transaction of $13,803. The amount due as of September 30, 2015 is $164,082.
On March 1, 2013, Lexi-Luu borrowed $20,000 through an unsecured promissory note bearing interest 36%, due on demand. As of September 30, 2015, the Company had principal outstanding in the promissory note of $20,000 and accrued interest of $18,600.
On July 1, 2013, Lexi-Luu borrowed $10,000 through an unsecured promissory note bearing interest $1,076 maturity date of January 1, 2014. This note is currently at default, and bearing 45% interest. As of September 30, 2015, the Company had principal outstanding in the promissory note of $ 5,128 and accrued interest of $4,097.
On March 20, 2015, Lexi-Luu borrowed $10,100 through an unsecured promissory note bearing interest 20% starting from April 1, 2015, due on demand. As of September 30, 2015, the Company had principal outstanding in the promissory note of $10,100 and accrued interest of $1,010.
On September 30, 2015, the Company borrowed $66,000 through a promissory note from a third party bearing 6% interest, with a 50% debt discount and a maturity of 5 years. As of September 30, 2015, the Company had principal outstanding in the promissory note of $66,000, and accrued interest of $11. $452 of the debt discount was amortized during nine months ended September 30, 2015.
On September 30, 2015, the Company borrowed $11,999 through a promissory note from a third party bearing 6% interest, with a 50% debt discount and a maturity of 5 years. As of September 30, 2015, the Company had principal outstanding in the promissory note of $11,999, and accrued interest of $2. $82 of the debt discount was amortized during nine months ended September 30, 2015. |