| Convertible debt consists of the following |
The Company determined that the modification of these Notes was not a substantial modification in accordance with ASC 470-50, “Modifications and Extinguishments.” | | | | |
| Convertible debt consists of the following:
|
|
|
|
|
|
|
| June 30, 2014
|
| December 31, 2013
|
|
|
| (Unaudited)
|
|
|
| 1% Convertible notes payable, net of unamortized discount of $95 and $5,546 respectively, due at various dates ranging from September 2014 to May 2015
| $
| 239,905
| $
| 375,054
|
|
|
|
|
|
|
| 11% Convertible note payable - HEP Investments, LLC, a related party, net of unamortized discount of $1,452,751 and $2,235,217, respectively, due at various dates ranging from July 2014 to December 2015
|
| 2,597,249
|
| 1,814,783
|
|
|
|
|
|
|
| 11% Convertible note payable - Venture Group, net of unamortized discount of $29,707
|
| -
|
| 320,293
|
|
|
| 2,837,154
|
| 2,510,130
|
| Less: Current portion
|
| 2,201,064
|
| 1,619,319
|
|
|
|
|
|
|
| Long term portion
| $
| 636,090
| $
| 890,811
|
|