DEBT (Details Narrative) (USD $)
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9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
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Sep. 30, 2014
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Sep. 30, 2013
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Nov. 18, 2014
Reservation of Shares
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Sep. 30, 2014
Atlantic Member
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Sep. 30, 2014
4th Debenture Member
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Apr. 14, 2014
BSM Note dated 6/26/13
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Sep. 30, 2014
BSM Note dated 6/26/13
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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 |