XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. NOTES PAYABLE
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
NOTES PAYABLE

During the three months ended March 31, 2017, the Company paid the final payment of $300 to Quest Capital as part of the furniture purchase agreement in the original amount of $11,700.

 

During the three months ended March 31, 2017, the Company paid $72,531 principal and $0 in accrued interest for three non-related party notes

 

Convertible notes payable - related parties

 

In June of 2015, Mr. S Oden Howell, Jr. was elected to the Board of Directors. Mr. Howell in June of 2015 is the holder of a Senior Secured Convertible Promissory Note Payable in the principle amount of $600,000 and accrued interest at 10% per annum compounded. In September of 2015, Mr. James Stuckert was elected to the Board of Directors. Mr. Stuckert in June of 2015 is the holder of a Senior Secured Convertible Promissory Note Payable in the principle amount of $600,000 and accrued interest at 10% per annum compounded. The Company’s obligations under the two notes are secured by all the assets of the Company and its subsidiaries.