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CONVERTIBLE NOTE PAYABLE
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE PAYABLE

NOTE 5 – CONVERTIBLE NOTE PAYABLE

 

The Company entered into an agreement for a short-term convertible note payable to an unrelated party on December 22, 2016 with sixty (60) days maturity and a $1,500,000 principal balance.  The note has a one-time fee of $375,000, which was amortized, as interest, ratably over the sixty (60) day period. The note is convertible into one share of the Company's common stock and one stock purchase warrant at a conversion price of $1.25 per unit.  Each warrant has an exercise price of $2.50. As of March 31, 2017, the note has not been repaid or converted to equity. Amortization of the fee was $356,250 for the three months ended March 31, 2017.