XML 24 R13.htm IDEA: XBRL DOCUMENT

Notes Payable to Related Parties	6 Months Ended
Jun. 30, 2016
Notes Payable to Related Parties
Notes Payable to Related Parties	Note 8 - Notes Payable to Related Parties Notes payable at December 31, 2015 included a $47,569 promissory note to VyrexIP Holdings Inc. for the purchase of intellectual property. The Company agreed to pay principal plus accrued interest over 10 monthly payments of $6,080.64, each due on the 15^th day of each month, beginning October 15, 2015. This note was paid in full, with accrued interest, in April 2016. Notes payable to related parties at June 30, 2016 consist of notes payable to stockholders of $400,000 (issued in 2012), less unamortized discount of $6,462 related to common stock warrants that had been issued to the stockholders with the notes. The discount is being amortized over the extended term of the notes, which are due in one principal payment on December 31, 2016. Interest is payable semiannually at 10%. The note is collateralized by all receivables now or hereafter existing pursuant to the license agreement with VDF FutureCeuticals, Inc. discussed in Note 3. Payable to related party at June 30, 2016 consists primarily of a $20,000 unsecured note payable to Company shareholder Edward Gomez bearing interest at 10%. On June 11, 2015, the lender extended the maturity date on the balance of the note to July 31, 2016. This note was paid in full, with accrued interest, in July 2016.

Notes Payable to Related Parties

6 Months Ended

Jun. 30, 2016

Note 8 - Notes Payable to Related Parties

Notes payable at December 31, 2015 included a $47,569 promissory note to VyrexIP Holdings Inc. for the purchase of intellectual property. The Company agreed to pay principal plus accrued interest over 10 monthly payments of $6,080.64, each due on the 15^th day of each month, beginning October 15, 2015. This note was paid in full, with accrued interest, in April 2016.

Notes payable to related parties at June 30, 2016 consist of notes payable to stockholders of $400,000 (issued in 2012), less unamortized discount of $6,462 related to common stock warrants that had been issued to the stockholders with the notes. The discount is being amortized over the extended term of the notes, which are due in one principal payment on December 31, 2016. Interest is payable semiannually at 10%. The note is collateralized by all receivables now or hereafter existing pursuant to the license agreement with VDF FutureCeuticals, Inc. discussed in Note 3.

Payable to related party at June 30, 2016 consists primarily of a $20,000 unsecured note payable to Company shareholder Edward Gomez bearing interest at 10%. On June 11, 2015, the lender extended the maturity date on the balance of the note to July 31, 2016. This note was paid in full, with accrued interest, in July 2016.