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5. NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2014
Notes Payable Tables |
Schedule of notes payable - related parties |
Related party |  | Nature of relationship |  | Terms of the agreement |  | Principal amount |  |  | Accrued Interest |
Araldo A. Cossutta |  | Mr. Cossutta was a member of the Board of Directors from 1994 until his term ended on September 3, 2014. |  | See “Third Quarter Secured Promissory Notes” As of March 31, 2015 $75,000 of this note remains due. |  | $ | 75,000 |  |  | $ | 18,512 |
MAH Holding, LLC |  | MAH Holding, LLC provided previous lines of credit to affiliates of WMT. |  | Unsecured note with interest accrued at 10% per annum, due on demand. |  |  | 40,620 |  |  |  | 10,743 |
Total |  |  |  |  |  | $ | 115,620 |  |  | $ | 29,255 |
Schedule of notes payable | The following is a summary of amounts due to unrelated parties, including accrued interest separately recorded, as of December 31, 2014:
Note Payable |  | Terms of the agreement |  | Principal Amount |  |  | Discount |  |  | Principal Net of Discount |  |  | Accrued Interest |
March 4, 2011 Note Payable |  | $223,500 note payable; (i) interest accrues at 13% per annum; (ii) maturity date of September 4, 2011; (iii) $20,000 fee due at maturity date with a $1,000 per day fee for each day the principal and interest is late. This note is currently the subject of litigation (see Note 12 "Legal Proceedings”) |  | $ | 223,500 |  |  |  | - |  |  | $ | 223,500 |  |  | $ | 88,456 |
MAH Holding, LLC |  | Unsecured note with interest accrued at 10% per annum, due on demand. This note is currently the subject of litigation (see Note 12 "Legal Proceedings”) |  |  | 40,620 |  |  |  |  |  |  |  | 40,620 |  |  |  | 14,861 |
Third Quarter 2012 Secured Subordinated Promissory Notes |  | Seventeen notes in the original aggregate principal amount of $1,055,000; (i) 5% interest due on maturity date; (ii) maturity date of October 12, 2012; (iii) after the maturity date interest shall accrue at 18% per annum and the company shall pay to the note holders on a pro rata basis, an amount equal to twenty percent of the sales proceeds received by the Company and its subsidiary, WCI, from the sale of surgical powders, until such time as the note amounts have been paid in full. As of March 31, 2015 three of these notes remain due. |  |  | 110,000 |  |  |  | - |  |  |  | 110,000 |  |  |  | 47,483 |
September 28, 2012 Promissory Note |  | $51,300 note payable (i) interest accrues at 10% per annum; (ii) original maturity date of December 31, 2012; (iii) default interest rate of 15% per annum. As of March 31, 2014 $11,300 of this note remains due. |  |  | 11,300 |  |  |  | - |  |  |  | 11,300 |  |  |  | 10,379 |
BMI Convertible Note #1 |  | Note in the principal amount of $1,000,000 which accrues interest at 8% per annum. The note is due April 15, 2015. The note may be converted, at the option of BMI, into shares of the Company’s Series C Preferred Stock at a conversion price of $70.00 per share. |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  |  | 16,877 |
Quest Capital Investors, LLC |  | Furniture purchase agreement in the original amount of $11,700 with $300 payments due each month. |  |  | 7,500 |  |  |  | - |  |  |  | 7,500 |  |  |  | - |
BMI Convertible Note #2 |  | Note payable which accrues interest at 8% per annum and allows the Company to drawdown, as needed, an aggregate of $2,000,000, subject to an agreed upon schedule. The note is due April 15, 2015. The note may be converted, at the option of BMI, into shares of the Company’s Series C Preferred Stock at a conversion price of $70.00 per share. |  |  | 200,000 |  |  |  |  |  |  |  | 200,000 |  |  |  | 3,375 |
Total |  |  |  | $ | 1,592,920 |  |  | $ | - |  |  | $ | 1,592,920 |  |  | $ | 181,431 |
The following is a summary of amounts due to unrelated parties, including accrued interest separately recorded, as of December 31, 2013:
Note Payable |  | Terms of the agreement |  | Principal Amount |  |  | Discount |  |  | Principal Net of Discount |  |  | Accrued Interest |
March 4, 2011 Note Payable |  | $223,500 note payable; (i) interest accrues at 13% per annum; (ii) maturity date of September 4, 2011; (iii) $20,000 fee due at maturity date with a $1,000 per day fee for each day the principal and interest is late. This note is currently the subject of litigation (see Note 12 "Legal Proceedings”) |  | $ | 223,500 |  |  |  | - |  |  | $ | 223,500 |  |  | $ | 58,998 |
Third Quarter 2012 Secured Subordinated Promissory Notes |  | Seventeen notes in the original aggregate principal amount of $1,055,000; (i) 5% interest due on maturity date; (ii) maturity date of October 12, 2012; (iii) after the maturity date interest shall accrue at 18% per annum and the company shall pay to the note holders on a pro rata basis, an amount equal to twenty percent of the sales proceeds received by the Company and its subsidiary, WCI, from the sale of surgical powders, until such time as the note amounts have been paid in full. As of March 31, 2014 three of these notes remain due, of which two are with unrelated parties in the aggregate principal amount of $110,000. |  |  | 35,000 |  |  |  | - |  |  |  | 35,000 |  |  |  | 9,013 |
September 28, 2012 Promissory Note |  | $51,300 note payable (i) interest accrues at 10% per annum; (ii) maturity date of December 31, 2012; (iii) default interest rate of 15% per annum. As of March 31, 2014 $11,300 of this note is was past due. |  |  | 31,300 |  |  |  | - |  |  |  | 31,300 |  |  |  | 8,763 |
Second Quarter 2012 Convertible Notes |  | Two $25,000 notes; (i) issued on April 3 and April 23, respectively; (ii) convertible at $0.19 per share; (iii) interest accrues at 5% per annum; (iv) interest accrues at 9% per annum after the due dates of April 30 and June 30, 2012, respectively. On September 20, 2012, 222,420 shares of Common Stock were issued in conversion of the April 23 note. As of the date of this filing these notes and all related interest are paid in full. |  |  | 5,000 |  |  |  | - |  |  |  | 5,000 |  |  |  | 4,340 |
May 30, 2012 Convertible Note |  | Note in the principal amount of up to $275,000 including an approximate original issue discount of 10%; (i) maturity date one year from the effective date (ii) convertible at the lesser of $0.19 or a 30% discount on the fair market value of the Company's common stock; (iv) one time interest charge of 5% will be applied if the note is not repaid within the first 90 days. As of the date of this filing, this note at all related accrued interest has been paid in full. |  |  | 39,900 |  |  |  | (29,406 | ) |  |  | 10,494 |  |  |  | 1,995 |
July 16, 2013 Convertible Notes |  | Two $45,000 notes; (i) issued July 16, 2013 as part of two settlement agreements; (ii) interest accrues at 8%; (iii) due April 14, 2014; (iv) convertible 180 days after the issue date at 80% of the fair market value of the Company’s common stock. In the first quarter of 2014, the entire principal and accrued interest balance of these notes was converted into common stock. |  |  | 90,000 |  |  |  | - |  |  |  | 90,000 |  |  |  | 3,629 |
BMI Convertible Note #1 |  | Note in the principal amount of $1,000,000 which accrues interest at 8% per annum. The note is due October 10, 2014. The note may be converted, at the option of BMI, into shares of the Company’s Series C Preferred Stock at a conversion price of $70.00 per share. |  |  | 1,000,000 |  |  |  | - |  |  |  | 1,000,000 |  |  |  | 18,192 |
Quest Capital Investors, LLC |  | Furniture purchase agreement in the original amount of $11,700 with $300 payments due each month. |  |  | 11,100 |  |  |  | - |  |  |  | 11,100 |  |  |  | - |
BMI Convertible Note #2 |  | Note payable which accrues interest at 8% per annum and allows the Company to drawdown, as needed, an aggregate of $2,000,000, subject to an agreed upon schedule. The note is due October 15, 2014. The note may be converted, at the option of BMI, into shares of the Company’s Series C Preferred Stock at a conversion price of $70.00 per share. |  |  | 200,000 |  |  |  | (21,431 | ) |  |  | 178,569 |  |  |  | 2,652 |
Total |  |  |  | $ | 1,635,800 |  |  | $ | (50,837 | ) |  | $ | 1,584,963 |  |  | $ | 107,582 |

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