LOAN PAYABLE, RELATED PARTIES |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
LOAN PAYABLE, RELATED PARTIES | |
LOAN PAYABLE, RELATED PARTIES |
NOTE 4 LOAN PAYABLE, RELATED PARTIES
As of December 31, 2014, Mr. Maggiore, a director and a significant shareholder of the Company, advanced the Company $134,670 and Officers advanced the Company $6,344.
During the first nine months of 2015, all of the advances from the Officers were repaid and Mr. Maggiore advanced the Company an additional $21,735 for a total outstanding balance of $156,405 as of September 30, 2015.
In addition, during the nine months ended September 30, 2015, HEP Investments, LLC loaned the Company $1,765,000 (see Note 5 - Convertible Debt). Pursuant to the terms of our agreement with HEP Investments, $1,567,500 of these loans were converted to 11% Convertible Secured Promissory Notes, leaving a remaining balance of $197,500 in Loans Payable Related Parties as of September 30, 2015. |