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3. Convertible Note Payable - Stockholder
12 Months Ended
Dec. 31, 2014
Notes  
3. Convertible Note Payable - Stockholder

3. CONVERTIBLE NOTE PAYABLE - STOCKHOLDER

 

On April 10, 2012, the Company issued an unsecured convertible note payable to a stockholder in exchange for $50,000 in cash for the Company’s working capital needs. The note bore interest at 6% per annum and matured on April 10, 2013. The stockholder had the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

 

On April 10, 2013 and April 10, 2014, the unsecured note payable was extended to the stockholder for $50,000 for an additional twelve months. The note bears interest at 6% per annum and matures on April 10, 2015. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

Interest expense

At both December 31, 2014 and 2013, convertible note payable – stockholder was $50,000. At December 31, 2014 and 2013, accrued interest on the notes was $8,186 and $5,186, respectively.  Interest expense amounted to $3,000 and $3,000 for the years ended December 31, 2014 and 2013.