NOTES PAYABLE AND RELATED PARTY NOTES PAYABLES

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE AND RELATED PARTY NOTES PAYABLES

NOTE 6 – NOTES PAYABLE AND RELATED PARTY NOTES PAYABLES

Promissory notes – related party outstanding totaled $234,190  as of June 30, 2015:

		June 30,		December 31,
		2015		2014
Short-term borrowings from a company owned by one of the stockholders.  The borrowings are due on demand and are non-interest bearing.  In January 2015, the amounts have been paid in full.	$	—	$	1,625
Promissory note issued to a company owned by a stockholder of the Company in December 2014 bearing interest rate of 15% per annum. This promissory note was due on June 30, 2015 and is in default.		37,095		46,792
Promissory note issued to a company owned by a stockholder of the Company in March 2015 bearing interest rate of 15% per annum. This promissory note is due on September 30, 2015.		10,095		—
Promissory note issued to a company owned by a stockholder of the Company in March 2015 bearing interest rate of 15% per annum. This promissory note is due on September 30, 2015.		15,000		—
Promissory note issued to a company owned by a stockholder of the Company in March 2015 bearing interest rate of 15% per annum. This promissory note is due on September 30, 2015.		32,000		—
Promissory note issued to a company owned by a stockholder of the Company in March 2015 bearing interest rate of 15% per annum. This promissory note is due on September 30, 2015.		10,000		—
Promissory note issued to a company owned by a stockholder of the Company in March 2015 bearing interest rate of 15% per annum. This promissory note is due on September 30, 2015.		130,000		—
	$	234,190	$	48,417

As of June 30, 2015 and 2014, the Company has payable to related party of $83,838 and $60,200. The related party payable was owned to a company wholly owned by a major shareholder of the Company and owned to a service provider for services performed.

Upon acquisition of Multipay S.A. (the “Subsidiary”) the Company also assumed a promissory note payable to a bank in Colombia bearing interest rate of 15.11% per annum. This bank note is due on November 29, 2015 with an outstanding balance of $199,718 on June 30, 2015.