XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
DEBT (Details Narrative) (USD $)
9 Months Ended 9 Months Ended 0 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Nov. 18, 2014
Reservation of Shares
Sep. 30, 2014
Atlantic Member
Sep. 30, 2014
4th Debenture Member
Apr. 14, 2014
BSM Note dated 6/26/13
Sep. 30, 2014
BSM Note dated 6/26/13
Debt instrument, face amount       $ 200,000 $ 75,000   $ 0
Interest rate on debt instrument       6.00% 6.00%   15.00%
Debt conversion terms       Atlantic may at any time elect to convert all of the entire outstanding principal amount of the Atlantic Note plus the accrued interest into 12% of the Company's issued and outstanding common stock immediately following the issuance thereof, multiplied by a fraction, the numerator of which is the principal amount of the Atlantic Note then outstanding and the denominator of which is $200,000. The outstanding amounts due under the 4 Debenture are convertible at the option of the Fund into shares of the Company's common stock at 50% of the average of the five lowest closing market prices for the common stock for the 30 trading days preceding each conversion.   The BSM Note is convertible into shares of common stock of the Company at a price equal to 65% of the 5 day average closing price per share of the Company's common stock.
Debt instrument maturity date       Nov. 13, 2014 Jan. 30, 2015   Jun. 25, 2014
Funding terms of Atlantic Note       In accordance with the SPA, Atlantic agreed to lend to the Company up to $200,000, as follows:i.$50,000 (comprised of $25,000 in cash and $25,000 in insole development and tooling costs associated with manufacturing insoles containing the Company’s GPS devices, the value of which shall be determined by Atlantic (the Services); and ii. 3 installments of $50,000 (each comprised of $25,000 in cash and $25,000 in Services).      
Accrued interest           3,514  
Debt converted, shares           1,463,493  
Debt converted, value $ 660,723 $ 131,558       $ 13,464  
Reservation of common stock     957,000,000