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CONVERTIBLE NOTES PAYABLE, NET (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Schedule of convertible notes payable outstanding | Convertible notes consisted of the following as of March 31, 2017 and December 31, 2016:
|  | 2017 |  |  | 2016 |
The below section of convertible notes payable were all converted to common stock at $0.10 per share in connection with the January 2017 conversion agreements described in Note 7 | .
In June 2015, the Company issued 10% convertible notes in the aggregate principal amount of $700,000. The notes were secured by the assets of the Company, matured in June 2016, and were convertible into common stock of the Company at a conversion rate of $0.03 per share, subject to adjustment. In connection with the issuance of these notes, the Company also issued warrants for the purchase of 15,400,000 shares of the Company’s common stock at an exercise price of $0.05 per share for a period of five years. The conversion rate on the notes and exercise price of the warrants are subject to adjustment to anti-dilution protection that required these features to be bifurcated and presented as derivative liabilities at their fair values. See Note 9. The Company also incurred debt issuance costs of $124,000, which were presented as a discount against the note and amortized into interest expense over the term of the note. |  |  | — |  |  | $ | 680,000 |
In July 2015, the Company issued 10% convertible notes with in the aggregate principal amount of $190,000. The notes are secured by the assets of the Company, matured in July 2016, and are convertible into common stock of the Company at a conversion rate of $0.03 per share, subject to adjustment. In connection with the issuance of these notes, the Company also issued warrants for the purchase of 4,180,000 shares of the Company’s common stock at an exercise price of $0.05 per share for a period of five years. The conversion rate on the notes and exercise price of the warrants are subject for adjustment to anti-dilution protection that requires these features to be bifurcated and presented as derivative liabilities at their fair values. See Note 9. The Company also incurred debt issuance costs of $16,200, which are presented as a discount against the note and amortized into interest expense over the term of the note. |  |  | — |  |  |  | 166,000 |
In February 2016, the Company re-issued a 12% convertible note in the amount of $172,095. The note is secured by the assets of the Company, originally maturing in September 2016, and is convertible into common stock of the Company at a rate of $0.10 per share. In connection with the issuance of this note, the Company issued warrants for the purchase of 1,146,667 shares of the Company’s common stock at an exercise price of $0.15 per share for a period of five years. |  |  | — |  |  |  | 172,095 |
In April 2016, the Company issued 12% convertible notes in the amount of $1,550,000. The note is secured by the assets of the Company, matures in October 2016, and is convertible into common stock of the Company at a rate of $0.25 per share. In connection with the issuance of these notes, the Company also issued warrants for the purchase of 6,200,000 shares of the Company’s common stock at an exercise price of $0.25 per share for a period of five years. The Company also issued 1,033,337 shares of common stock to the noteholders. The Company also incurred debt issuance costs of $226,400, which are presented as a discount against the note and amortized into interest expense over the term of the note. In August 2016, the Company entered into an agreement with the April 2016 Investors to reduce the exercise price on the embedded conversion feature and warrants to $0.10 and increase the number of warrants to 15,500,000. The August 2016 change in the terms of these convertible notes has been determined to be a debt extinguishment in accordance with ASC 470. The reported amounts under the debt extinguishment are not significantly different than that of the Company’s reported amounts. |  |  | — |  |  |  | 1,550,000 |
Total Principal Outstanding |  | $ | — |  |  | $ | 2,568,095 |
Unamortized Discounts – Derivatives |  |  | — |  |  |  | (6,466 | )
Unamortized Discounts – Debt issuance costs |  |  | — |  |  |  | (66,033 | )
Convertible Notes, Net |  | $ | — |  |  | $ | 2,495,596 |
Schedule of convertible notes and related discounts | The following is a roll-forward of the Company’s convertible notes and related discounts for the three months ended March 31, 2017:
|  |  | Principal Balance |  |  | Debt Issuance Costs |  |  | Debt Discounts |  |  | Total |
Balance at December 31, 2016 |  |  | $ | 2,568,095 |  |  | $ | (66,033 | ) |  | $ | (6,466 | ) |  | $ | 2,495,596 |
Conversions |  |  |  | (2,568,095 | ) |  |  | — |  |  |  | — |  |  |  | (2,568,095 | )
Amortization |  |  |  | — |  |  |  | 66,033 |  |  |  | 6,466 |  |  |  | 72,499 |
Balance at March 31, 2017 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=98513485&loc=d3e4313-108586 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=98513485&loc=d3e4304-108586 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=98513485&loc=d3e4332-108586 + Details
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