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NON-CONVERTIBLE DEBT
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| NON-CONVERTIBLE DEBT | 5. NON-CONVERTIBLE DEBT
The Company issued the following Note Payables:
2013
Eight separate notes form an investor were received in 2013 as follows:
2012
An investor lent the Company $80,000 for operating expenses throughout the year. These expenses were put forth in a note that matures on January 1, 2015 and carries no interest.
2011
Beverley Reif lent the Company $100,000 on March 15, 2011. The note bore an interest rate of 5% and matured on September 15, 2011. If the note were not paid by maturity, the interest rate would increase to 18%.
Dana Pope lent the Company $57,000 on March 15, 2011. The note bore an interest rate of 5% and matured on September 15, 2011. If the note were not paid by maturity, the interest rate would increase to 18%.
Both of these notes are currently subject to a litigation. See footnote 9 below.
An investor lent the Company $60,000 for operating expenses throughout the year. These expenses were put forth in a note that matures on January 1, 2015 and carries no interest.
Non-Convertible Debt Summary
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