Annual report pursuant to Section 13 and 15(d)

Schedule of Convertible debt (Tables)

v3.3.1.900
Schedule of Convertible debt (Tables)
 12 Months Ended
Dec. 31, 2015
Schedule of Convertible debt  
Schedule of Convertible debt

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:

 

 

 

 

 

 

December 31,

2015

 

December 31,

2014

 

 

 

 

 

1% Convertible notes payable, due January 2016

$

240,000

$

240,000

 

11% Convertible note payable – HEP Investments, LLC, a related party, net of unamortized discount of $1,843,931 and $1,794,272, respectively, due at various dates ranging from July 2016 to October 2017

5,583,269

3,625,428

 

5,823,269

3,865,428

Less: Current portion

1,224,510

3,628,386

 

            Long term portion

$

4,598,269

$

237,042