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CONVERTIBLE NOTES PAYABLE
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
CONVERTIBLE NOTES PAYABLE

Note 8: CONVERTIBLE NOTES PAYABLE

 

The following table summarizes the Company’s outstanding convertible note obligations:

 

        Stated         Principal Balance Outstanding  
Issue Date   Maturity Date   Interest
Rate		     Conversion Terms   September 30,
2014		     December 31,
2013		  
2/24/2011   2/24/2014     10.0 %   Variable at $25.00     $        -       $ 980,858  
4/4/2011   4/4/2014     10.0 %   Variable at $25.00     -       215,000  
6/6/2011   6/6/2014     10.0 %   Variable at $25.00     -       30,000  
8/12/2012   11/12/2012     10.0 %   Variable at $9.00     -       27,500  
8/20/2012   8/20/2013     8.0 %   Variable at $9.00     -       20,000  
10/15/2012   10/15/2013     8.0 %   Variable at $12.00     -       340,000  
11/20/2012   11/20/2013     5.0 %   Variable at $9.00     -       10,748  
12/18/2012   12/14/2013     9.0 %   Fixed at $10.00     -       50,000  
1/5/2013   5/31/2014     None     Fixed at $8.00     -       452,729  
1/31/2013   5/31/2014     None     Fixed at $4.00     -       24,135  
2/27/2013   2/27/2014     5.0 %   Variable at $9.00     -       58,500  
4/2/2013   6/2/2013     8.0 %   Fixed at $7.00     -       80,967  
4/18/2013   12/18/2013     8.0 %   Fixed at $7.00     -       31,688  
5/2/2013   5/31/2014     10.0 %   Variable at $3.44     -       50,000  
5/5/2013   7/5/2013     8.0 %   Fixed at $7.00     -       45,000  
5/14/2013   5/14/2014     8.0 %   Fixed at $6.00     -       126,000  
6/27/2013   6/27/2014     5.0 %   Variable at $9.00     -       37,620  
6/19/2013   6/19/2014     10.0 %   Variable at $9.00     -       32,000  
7/12/2013   7/12/2014     8.0 %   Fixed at $3.00     -       96,800  
10/18/2013   4/18/2014     None     Variable at $1.00     -       94,444  
11/1/2013   5/1/2014     None     Variable at $1.00     -       80,000  
12/19/2013   6/19/2014     None     Variable at $1.00     -       277,222  
12/23/2013   6/23/2014     10.0 %   Fixed at $7.00     -       536,400  
                                 
    Total convertible notes   $ -     $ 3,697,611  
    Unamortized note discount     -       (535,634)  
    Total on Balance sheet   $ -     $ 3,161,977  

Convertible notes converted to common stock

During the nine months ended September 30, 2014 an aggregate of approximately $3,698,000 in convertible notes and $554,000 in accrued interest were converted into approximately 14,386,000 shares of common stock. The fair value of the notes was determined to be $32,250,000.