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Notes Payable | 12 Months Ended
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Dec. 31, 2014
Notes Payable |
Notes Payable | NOTE 5 - NOTES PAYABLE On June 3, 2013, the company executed a promissory note for $10,000 with a third party investor. The note bears interest at an annual rate of eight percent (8%), and is due on or before June 3, 2016. All principal and interest is due on or before maturity. On March 27, 2014, the principal and $622 of accrued interest was converted into 1,593,240 shares of common stock. On June 29, 2012, the Company issued a $488,489 Convertible Promissory Note and Security Interest in favor of a trade creditor representing the past due invoices of the creditor for professional fees. During the year ended December 31, 2013, the creditor advanced a total of $8,006 for payment of the Company’s operating expenses whereby increasing the principal balance of the note to $491,465. On November 5, 2013, the Company executed the Second Amendment to the Convertible Promissory Note. In this amendment the creditor has agreed to waive the default in the payment of monthly installments and to waive all accrued default interest. The Note was due in full on or before May 31, 2014. The conversion price of the Note was amended to $0.075 per share. Additionally, certain accounts payable and accrued expenses of $278,962 due to the creditor for services provided subsequent to the issuance of the original obligation were added to the Note, making the current balance of the Note $812,249. As a result of retiring the old debt and including it in the new note, the expensing of the remaining debt discount of $270,502 was accelerated which resulted in a loss on extinguishment of debt of $183,877 for the year ended December 31, 2013. On October 14, 2014, the Company executed the Third Amendment to the Convertible Promissory Note. In this amendment the due date was changed to December 31, 2014 and the conversion price to either 1) $0.005 per share, or 2) 80% of the average of the three lowest trading days in the twenty days prior to the conversion date. The Company recorded a debt discount in the amount of $709,664 in connection with the initial valuation of the beneficial conversion feature of the note. Further, the Company recognized a derivative liability of $709,664 based on the Black Scholes Merton pricing model. As of December 31, 2014 the discount was fully amortized and the Company fair valued the derivative at $869,251 resulting in a $159,587 loss on the change in fair value of the derivative. As of December 31, 2014, the note has accrued interest of $112,661. This note is currently past due. On June 12, 2013, the Company executed a promissory note for $10,000. The loan has no stated interest rate and was due August 12, 2013. The note does not bear interest but did include a loan fee of $5,000. On October 6, 2014, this loan was assigned to and purchased by MCKEA Holdings, LLC. On August 12, 2013, in connection with the merger, the Company issued $51,440 of new notes. The notes are secured, bear interest at 8% and mature in five years. As of December 31, 2014 there is $5,706 of accrued interest on these notes. On September 23, 2013, we entered into a $400,000 Promissory Note (the “Note”) with JMJ Financial (“JMJ”). The face amount of the Note includes an original issue discount of $40,000. The initial advance to be made under the Note by JMJ is $50,000. JMJ may, after making this initial advance, lend us additional sums under the terms of the Note in such amounts and at such dates as it chooses. Individual loans mature one year from the effective date of each payment. If repaid within ninety (90) days from the date of issue, the loan will not bear interest. Upon ninety (90) days after the date of issue, a one-time interest charge of twelve percent (12%) of the principal amount will be applied. JMJ may convert all or part of the Note, at its discretion, into shares of our common stock. The conversion price is sixty percent (60%) of the lowest trading price for our common stock in the twenty-five trading days immediately preceding the conversion date. For the initial advance the Company recorded a debt discount in the amount of $55,556 (payment plus 10% original discount) in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $76,992 based on the Black Scholes Merton pricing model. As of December 31, 2014, this note was fully converted into common stock. As a result of the conversion the remaining debt discount was expensed, the Company recognized a gain on derivative of $82,517 and a $5,797 credit to additional paid in capital. On November 1, 2013, the Company executed a convertible promissory note for $30,000. The note bears interest at 9% and matures in two years. The loan is convertible at any time into shares of common stock beginning one year from the date of the note at $0.075 per share or if shares are granted at a price less than the set conversion price the conversion price changes to the lowest price. As this did occur there was a change of the conversion price to $0.0005. The Company recorded a debt discount in the amount of $25,302 in connection with the initial valuation of the beneficial conversion feature of the note. Further, the Company recognized a derivative liability of $25,302 based on the Black Scholes Merton pricing model. As of December 31, 2014 $26,630 of the debt discount was amortized and the Company fair valued the derivative at $113,624 resulting in a $113,624 loss on the change in fair value of the derivative. As of December 31, 2014, the note is shown net of a debt discount of $11,553 has accrued interest of $3,143. In addition, the note required the issuance of warrants to purchase 400,000 shares of common stock. The aggregate fair value of these warrants totaled $14,034 based on the Black Scholes Merton pricing model, which was recorded as a discount on the loan in November 2013 with $1,154 being amortized in 2013. Subsequent to December 31, 2014, this note was fully converted to common stock. On November 1, 2013, the Company executed a convertible promissory note for $16,000. The note bears interest at 9% and matures in two years. The loan is convertible at any time into shares of common stock beginning one year from the date of the note at $0.075 per share or if shares are granted at a price less than the set conversion price the conversion price changes to the lowest price. As this did occur there was a change of the conversion price to $0.0005. The Company recorded a debt discount in the amount of $13,495 in connection with the initial valuation of the beneficial conversion feature of the note. Further, the Company recognized a derivative liability of $13,495 based on the Black Scholes Merton pricing model. As of December 31, 2014 $7,333 of the debt discount was amortized and the Company fair valued the derivative at $48,217 resulting in a $34,722 loss on the change in fair value of the derivative. During the year ended December 31, 2014, the Company repaid $3,000. As of December 31, 2014, the note is shown net of a debt discount of $6,162 has accrued interest of $1,542. Subsequent to December 31, 2014, this note was fully converted to common stock. On November 4, 2013, we obtained short term financing from a Lender under a 9% Convertible Note in the amount of $70,000 (the “Short-Term Note”). The Short-Term Note features an original issue discount of $6,700. The $63,300 in funding received from the Lender was used to pay off and retire the Convertible Promissory Note issued to Asher Enterprises, Inc., dated April 9, 2013. The Short-Term Note accrues interest at a rate of nine percent (9%) per year, with all principal and interest due in full within thirty days from the date of issue. The loan is convertible at any time into shares of common stock at $0.075 per share or if shares are granted at a price less than the set conversion price the conversion price changes to the lowest price. As this did occur there was a change of the conversion price to $0.0005. The Company recorded a debt discount in the amount of $37,833 in connection with the initial valuation of the beneficial conversion feature of the note. Further, the Company recognized a derivative liability of $37,833 based on the Black Scholes Merton pricing model. As of December 31, 2014 all of the debt discount was amortized and the Company fair valued the derivative at $259,121 resulting in a $221,288 loss on the change in fair value of the derivative. As of December 31, 2014, the note has $7,284 of accrued interest and is currently in default. On November 25, 2013, the Company issued a Convertible Promissory Note to Asher Enterprises, Inc. in the amount of $42,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on August 27, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $42,041 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $42,041 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014, the note and $1,700 of accrued interest was converted into shares of common stock, resulting in immediate amortization of the remaining debt discount, a $22,122 gain on the change in fair value of the derivative and a $19,919 credit to additional paid in capital. On December 10, 2013, the Company received its second payment from JMJ towards the loan in the amount of $22,000. The Company recorded a debt discount in the amount of $22,222 (payment plus 10% original discount) in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $28,061 based on the Black Scholes Merton pricing model. As of December 31, 2014, the note and all accrued interest were converted to common stock resulting in immediate amortization of the remaining debt discount, a $27,789 gain on the change in fair value of the derivative and $5,485 credit to additional paid in capital. As of December 31, 2013 the Company owed Chiles Valley, LLC, $20,000. This loan was repaid in full during the quarter ended March 31, 2014. On January 8, 2014, the Company issued a Convertible Promissory Note to Asher Enterprises, Inc. in the amount of $32,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on October 10, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $32,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $47,633 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014, the note and $1,300 of accrued interest was converted into shares of common stock, resulting in immediate amortization of the remaining debt discount, a $28,083 gain on the change in fair value of the derivative and a $19,550 credit to additional paid in capital. On February 13, 2014, we entered into a $250,000 Convertible Promissory Note (the “Note”) with Black Mountain Equities, Inc. (“BME”). The face amount of the Note includes an original issue discount of $25,000. The initial advance to be made under the Note by BME is $25,000. BME may, after making this initial advance, lend us additional sums under the terms of the Note in such amounts and at such dates as it chooses. There is a one-time interest charge of ten percent (10%) and individual loans mature one year from the effective date of each payment. BME may convert all or part of the Note, at its discretion, into shares of our common stock. The conversion is equal to the lesser of a 40% discount to the lowest trading prices in the twenty-five (25) day trading price prior to the conversion date or at a fixed price if $0.025. For the initial advance the Company recorded a debt discount in the amount of $30,250 (payment plus 10% original discount and one time interest charge) in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $77,055 based on the Black Scholes Merton pricing model. As of December 31, 2014, principal of $18,940 was converted to common stock, $26,603 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $14,158 resulting in a gain on the change in fair value of the derivative of $62,897. The note balance of $11,310 is shown net of a debt discount of $3,647 at December 31, 2014 and has accrued interest of $3,000. On February 26, 2014, the Company issued a Convertible Promissory Note to GCEF Opportunity Fund, LLC in the amount of $72,500, including an original issue discount of $7,500. The note bears a one-time 12% interest charge, is unsecured and matures in one year. The Note is convertible into common stock in whole or in part at any time with a conversion price equal to a 50% discount to the average bid price in the ten day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $72,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $170,306 based on the Black Scholes Merton pricing model. As of December 31, 2014; the note and all accrued interest was sold to other parties resulting in immediate amortization of the remaining debt discount, a $143,318 gain on the change in fair value of the derivative and a $26,988 credit to additional paid in capital. On March 3, 2014, the Company issued a Convertible Promissory Note to Asher Enterprises, Inc. in the amount of $37,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 5, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $37,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $46,207 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014, the note and $1,500 of accrued interest was converted into shares of common stock, resulting in immediate amortization of the remaining debt discount, a $38,508 gain on the change in fair value of the derivative and a $7,699 credit to additional paid in capital. On March 6, 2014, the Company issued a Convertible Promissory Note to Magna Equities II, LLC (formerly Hanover Holdings I, LLC) in the amount of $38,000. The note bears interest at a rate of 12% per annum, is unsecured and matures in eight months. The Note is convertible into common stock in whole or in part at any time with a conversion price equal to the lesser of a 45% discount to the lowest trading prices in the five day trading price prior to the conversion date or at a fixed price if $0.04. The Company recorded a debt discount in the amount of $38,000 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $74,921 based on the Black Scholes Merton pricing model. As of December 31, 2014 $11,600 of principal was converted to common stock and all of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $42,345 resulting in a gain on the change in fair value of the derivative of 32,576. As of December 31, 2014, the note has a balance of $26,400 and has accrued interest of $3,573. On March 20, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $42,500. The funds were not received on the note until April. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 31, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $42,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $45,345 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014 the Company was charged a penalty of $10,780 for untimely conversion and $40,185 of the principal was converted to common stock. As of December 31, 2014, all of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $3,507 resulting in a gain on the change in fair value of the derivative of $41,838. As of December 31, 2014, the note has a balance of $13,095 and has accrued interest of $2,383. On April 17, 2014, the Company received another payment on the original JMJ Financial convertible promissory note dated September 23, 2013 of $44,000 including a $4,000 original issue discount. The Company recorded a debt discount in the amount of $44,444 (payment plus 10% original discount) in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $66,615 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014, $5,099 was converted to common stock. As of December 31, 2014; $18,739 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $63,683 resulting in a gain on the change in fair value of the derivative of $2,932. The note balance of $39,345 is shown net of a debt discount of $25,705 and has accrued interest and fees of $5,333. On June 5, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $32,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on March 9, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $32,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $37,999 based on the Black Scholes Merton pricing model. As of December 31, 2014, $9,716 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $46,200 resulting in a loss on the change in fair value of the derivative of $8,201. As of December 31, 2014, this note is shown net of debt discount of $22,784 and has accrued interest of $1,496. On June 19, 2014, we borrowed the sum of $15,000 from a lender under the terms of a Promissory Note. Pursuant to these terms the loan was non-interest bearing but did include a fee of 1,000,000 shares of common stock. The note was due and payable within seven (7) days of funding. The shares were valued at the closing price on the date of the loan of $0.0051 for a total non-cash expense of $5,100. This note was repaid in full in 2015. On June 23, 2014, the Company received another payment on the original JMJ Financial convertible promissory note dated September 23, 2013 of $27,778 including a $2,778 original issue discount. The Company recorded a debt discount in the amount of $27,778 (payment plus 10% original discount) in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $41,042 based on the Black Scholes Merton pricing model. As of December 31, 2014; $1,652 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $45,325 resulting in a loss on the change in fair value of the derivative of $4,283. As of December 31, 2014, the note is shown net of a debt discount of $26,126 and has accrued interest of $3,333. On June 25, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $32,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 31, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $32,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $73,874 based on the Black Scholes Merton pricing model. As of December 31, 2014, $3,079 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $47,329 resulting in a gain on the change in fair value of the derivative of $26,545. As of December 31, 2014, this note is shown net of debt discount of $29,421 and has accrued interest of $1,353. On July 1, 2014, the company assumed a $15,000 debt due to a former employee of the former management of Co-Signer.com. The assumption of this debt was recognized as a loss. The liability in non-interest bearing and has a balance due of $14,000 as of December 31, 2014. On September 2, 2014, the Company issued a Convertible Promissory Note to Argent Offset, LLC (“Argent”) in the amount of $25,000. The note bears interest at a rate of 10% per annum, is unsecured and matures on March 1, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As of December 31, 2014, this note is has accrued interest of $829. The note becomes convertible on March 1, 2015. In addition to this note Argent has also made several cash advances to the company in 2014 to cover certain operating expenses. As of December 31, 2014, that balance due from advances is $14,809. The amount accrues interest at 10% and is due March 1, 2015 and has accrued interest of $521. On September 5, 2014, the Company issued a Promissory Note to a lender for $5,250. The note is unsecured, due on or before September 5, 2015 and accrued interest at 10%. As of December 31, 2014 accrued interest on this note is $170. On September 24, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $32,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on July 6, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As of December 31, 2014, this note is has accrued interest of $705. The note becomes convertible on March 23, 2015. On October 3, 2014, the Company issued a Convertible Promissory Note to a lender, in the amount of $5,500. The note bears interest at a rate of 10% per annum, is unsecured and matures on April 3, 2015. The Note is convertible into common stock in whole or in part at a 50% discount to the average closing bid price in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $5,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $6,743 based on the Black Scholes Merton pricing model. As of December 31, 2014, $2,690 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $7,105 resulting in a loss on the change in fair value of the derivative of $362. As of December 31, 2014, the balance of $5,500 is shown net of debt discount of $2,810 and has accrued interest of $136. On October 9, 2014, the Company issued a Convertible Promissory Note to WHC Capital, LLC, in the amount of $20,000 for its portion of the note they purchased from GCEF Opportunity Fund LLC. The note bears interest at a rate of 12% per annum, is unsecured and matures on October 9, 2015. The Note is convertible into common stock in whole or in part at a variable conversion price equal to a 50% discount of the average bid prices in the 10-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $20,000 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $33,875 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014 $5,505 of the principal was converted to common stock; however, the Company was charged a penalty of $26,000 for untimely conversion. As of December 31, 2014, $4,548 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $57,222 resulting in a loss on the change in fair value of the derivative of $23,347. As of December 31, 2014, the balance of $40,495 is shown net of debt discount of $15,452 and has accrued interest of $734. On November 6, 2014, the Company issued a Convertible Promissory Note to Beaufort Capital Partners, LLC, in the amount of $20,000 for its portion of the note they purchased from GCEF Opportunity Fund LLC. The note bears interest at a rate of 12% per annum, is unsecured and matures on February 26, 2015. The Note is convertible into common stock in whole or in part at a variable conversion price equal to the lower of $0.0001 or 50% of lowest trading day price for the (5) days prior to conversion. The Company recorded a debt discount in the amount of $20,000 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $48,856 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014 $2,608 of the principal was converted to common stock. As of December 31, 2014, $9,821 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $27,781 resulting in a gain on the change in fair value of the derivative of $21,075. As of December 31, 2014, the balance of $17,392 is shown net of debt discount of $10,179 and has accrued interest of $348. On November 25, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $43,000. The note bears interest at a rate of 8% per annum, is unsecured and matures on August 28, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As of December 31, 2014, this note is has accrued interest of $264. The note becomes convertible on May 24, 2015. On December 5, 2014, the Company issued a Convertible Promissory Note to LG Capital Partners, LLC, in the amount of $51,750 for its portion of the note they purchased from GCEF Opportunity Fund LLC. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 5, 2015. The Note is convertible into common stock in whole or in part at a 50% discount to the lowest trading price in the 15-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $51,750 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $96,169 based on the Black Scholes Merton pricing model. During the year ended December 31, 2014, $2,920 of the principal and $11 of interest was converted to common stock. As of December 31, 2014, $3,686 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $90,869 resulting in a gain on the change in fair value of the derivative of $5,300. As of December 31, 2014, the balance of $48,830 is shown net of debt discount of $48,064 and has accrued interest of $281. On December 5, 2014, the Company issued a Convertible Promissory Note to LG Capital Partners, LLC, in the amount of $26,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 5, 2015. The Note is convertible into common stock in whole or in part at a 50% discount to the lowest trading price in the 15-day trading price prior to the conversion date. The Company recorded a debt discount in the amount of $26,500 in connection with the initial valuation of the beneficial conversion feature of the note to be amortized utilizing the effective interest method of accretion over the term of the note. Further, the Company recognized a derivative liability of $49,246 based on the Black Scholes Merton pricing model. As of December 31, 2014, $1,888 of the debt discount has been amortized to interest expense. In addition, the Company fair valued the derivative at $49,314 resulting in a loss on the change in fair value of the derivative of $68. As of December 31, 2014, the balance of $26,500 is shown net of debt discount of $24,612 and has accrued interest of $157. On December 8, 2014, the Company issued a Promissory Note to Lord Abstract, LLC in the amount of $18,000. The note bears interest at a rate of 10% per annum, is unsecured and matures on May 8, 2015. As of December 31, 2014, this note is has accrued interest of $118. The maturities of all notes as well as the related party notes below, net of discounts for the next five years are:
Twelve months ended December 31, |  |
2015 |  |  | $ | 1,206,016 |
2016 |  |  |  | — |
2017 |  |  |  | — |
2018 |  |  |  | 51,440 |
2019 |  |  |  | — |
Total Future Maturities |  |  | $ | 1,257,456 |
A summary of the status of the Company’s debt discounts including original issue discounts, and derivative liabilities, and changes during the periods is presented below:
Debt Discount Note Holder |  | Date |  | 12/31/2013 |  | Additions |  | Amortization |  | December 31, 2014
Strategic IR |  |  | 2/1/2013 |  |  |  | 37,682 |  |  |  | — |  |  |  | (37,682 | ) |  |  | — |
Third party investor |  |  | 6/3/2013 |  |  |  | 3,975 |  |  |  | — |  |  |  | (3,975 | ) |  |  | — |
JMJ Financial |  |  | 10/2/2013 |  |  |  | 41,439 |  |  |  | — |  |  |  | (41,439 | ) |  |  | — |
Third party investor |  |  | 11/1/2013 |  |  |  | — |  |  |  | 13,495 |  |  |  | (7,333 | ) |  |  | 6,162 |
Third party investor |  |  | 11/1/2013 |  |  |  | 12,881 |  |  |  | 25,302 |  |  |  | (26,631 | ) |  |  | 11,552 |
Third party investor |  |  | 11/4/2013 |  |  |  | — |  |  |  | 37,833 |  |  |  | (37,833 | ) |  |  | — |
Asher Enterprises |  |  | 11/25/2013 |  |  |  | — |  |  |  | 42,041 |  |  |  | (42,041 | ) |  |  | — |
JMJ Financial |  |  | 12/10/2013 |  |  |  | 18,795 |  |  |  | — |  |  |  | (18,795 | ) |  |  | — |
Asher Enterprises |  |  | 1/8/2014 |  |  |  | — |  |  |  | 32,500 |  |  |  | (32,500 | ) |  |  | — |
Third party investor |  |  | 1/27/2014 |  |  |  | — |  |  |  | 36,127 |  |  |  | (36,127 | ) |  |  | — |
Black Mountain |  |  | 2/13/2014 |  |  |  | — |  |  |  | 30,250 |  |  |  | (26,603 | ) |  |  | 3,647 |
GCEF Opportunity |  |  | 2/26/2014 |  |  |  | — |  |  |  | 72,500 |  |  |  | (61,178 | ) |  |  | 11,322 |
Asher Enterprises |  |  | 3/3/2014 |  |  |  | — |  |  |  | 37,500 |  |  |  | (37,500 | ) |  |  | — |
Magna Holdings (Hanover) |  |  | 3/6/2014 |  |  |  | — |  |  |  | 38,000 |  |  |  | (38,000 | ) |  |  | — |
KBM Worldwide |  |  | 3/20/2014 |  |  |  | — |  |  |  | 42,500 |  |  |  | (42,500 | ) |  |  | — |
JMJ Financial |  |  | 4/17/2014 |  |  |  | — |  |  |  | 44,444 |  |  |  | (18,739 | ) |  |  | 25,705 |
KBM Worldwide |  |  | 6/5/2014 |  |  |  | — |  |  |  | 32,500 |  |  |  | (9,716 | ) |  |  | 22,784 |
JMJ Financial |  |  | 6/23/2014 |  |  |  | — |  |  |  | 27,778 |  |  |  | (1,652 | ) |  |  | 26,126 |
KBM Worldwide |  |  | 6/25/2014 |  |  |  | — |  |  |  | 32,500 |  |  |  | (3,079 | ) |  |  | 29,421 |
Clark Corporate Law |  |  | 10/1/2014 |  |  |  | — |  |  |  | 709,664 |  |  |  | (709,664 | ) |  |  | — |
Third party investor |  |  | 10/3/2014 |  |  |  | — |  |  |  | 5,500 |  |  |  | (2,690 | ) |  |  | 2,810 |
WHC Capital |  |  | 10/9/2014 |  |  |  | — |  |  |  | 20,000 |  |  |  | (4,548 | ) |  |  | 15,452 |
Beaufort Capital |  |  | 11/6/2014 |  |  |  | — |  |  |  | 20,000 |  |  |  | (9,821 | ) |  |  | 10,179 |
LG Capital |  |  | 12/5/2014 |  |  |  | — |  |  |  | 51,750 |  |  |  | (3,686 | ) |  |  | 48,064 |
LG Capital |  |  | 12/5/2014 |  |  |  | — |  |  |  | 26,500 |  |  |  | (1,888 | ) |  |  | 24,612 |
|  |  |  |  |  | $ | 114,772 |  |  | $ | 1,378,684 |  |  | $ | (1,255,620 | ) |  | $ | 237,836 |
Derivative Liability Note Holder |  | Date |  | 12/31/2013 |  | Initial valuation |  | Revaluation on 12/31/2014 |  | APIC |  | (Gain) loss of fair value of derivative
JMJ Financial |  |  | 10/2/2013 |  |  | $ | 88,314 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,797 |  |  | $ | (82,517 | )
Third party investor |  |  | 11/1/2013 |  |  |  | — |  |  |  | 13,495 |  |  |  | 48,217 |  |  |  | — |  |  |  | 34,722 |
Third party investor |  |  | 11/1/2013 |  |  |  | — |  |  |  | 25,302 |  |  |  | 113,624 |  |  |  | — |  |  |  | 88,322 |
Third party investor |  |  | 11/4/2013 |  |  |  | — |  |  |  | 37,833 |  |  |  | 259,121 |  |  |  | — |  |  |  | 221,288 |
Asher Enterprises |  |  | 11/25/2013 |  |  |  | — |  |  |  | 42,041 |  |  |  | — |  |  |  | 19,919 |  |  |  | (22,122 | )
JMJ Financial |  |  | 12/10/2013 |  |  |  | 33,274 |  |  |  | — |  |  |  | — |  |  |  | 5,485 |  |  |  | (27,789 | )
Asher Enterprises |  |  | 1/8/2014 |  |  |  | — |  |  |  | 47,633 |  |  |  | — |  |  |  | 19,550 |  |  |  | (28,083 | )
Black Mountain |  |  | 2/13/2014 |  |  |  | — |  |  |  | 77,055 |  |  |  | 14,158 |  |  |  |  |  |  |  | (62,897 | )
GCEF Opportunity |  |  | 2/26/2014 |  |  |  | — |  |  |  | 170,306 |  |  |  | — |  |  |  | 26,988 |  |  |  | (143,318 | )
Asher Enterprises |  |  | 3/3/2014 |  |  |  | — |  |  |  | 46,207 |  |  |  | — |  |  |  | 7,699 |  |  |  | (38,508 | )
Magna Holdings (Hanover) |  |  | 3/6/2014 |  |  |  | — |  |  |  | 74,921 |  |  |  | 42,345 |  |  |  | — |  |  |  | (32,576 | )
KBM Worldwide |  |  | 3/20/2014 |  |  |  | — |  |  |  | 45,345 |  |  |  | 3,507 |  |  |  | — |  |  |  | (41,838 | )
JMJ Financial |  |  | 4/17/2014 |  |  |  | — |  |  |  | 66,615 |  |  |  | 63,683 |  |  |  | — |  |  |  | (2,932 | )
KBM Worldwide |  |  | 6/5/2014 |  |  |  | — |  |  |  | 37,999 |  |  |  | 46,200 |  |  |  | — |  |  |  | 8,201 |
JMJ Financial |  |  | 6/23/2014 |  |  |  | — |  |  |  | 41,042 |  |  |  | 45,325 |  |  |  | — |  |  |  | 4,283 |
KBM Worldwide |  |  | 6/25/2014 |  |  |  | — |  |  |  | 73,874 |  |  |  | 47,329 |  |  |  | — |  |  |  | (26,545 | )
Clark Corporate Law |  |  | 10/1/2014 |  |  |  | — |  |  |  | 709,664 |  |  |  | 869,251 |  |  |  | — |  |  |  | 159,587 |
Third party investor |  |  | 10/3/2014 |  |  |  | — |  |  |  | 6,743 |  |  |  | 7,105 |  |  |  | — |  |  |  | 362 |
WHC Capital |  |  | 10/9/2014 |  |  |  | — |  |  |  | 33,875 |  |  |  | 57,222 |  |  |  | — |  |  |  | 23,347 |
Beaufort Capital |  |  | 11/6/2014 |  |  |  | — |  |  |  | 48,856 |  |  |  | 27,781 |  |  |  | — |  |  |  | (21,075 | )
LG Capital |  |  | 12/5/2014 |  |  |  | — |  |  |  | 96,169 |  |  |  | 90,869 |  |  |  | — |  |  |  | (5,300 | )
LG Capital |  |  | 12/5/2014 |  |  |  | — |  |  |  | 49,246 |  |  |  | 49,314 |  |  |  | — |  |  |  | 68 |
|  |  |  |  |  | $ | 121,588 |  |  | $ | 1,744,221 |  |  | $ | 1,785,051 |  |  | $ | 85,438 |  |  | $ | 4,680 |

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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