NOTES PAYABLE TO RELATED PARTY

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE TO RELATED PARTY

NOTE 6 - NOTES PAYABLE TO RELATED PARTY

Promissory notes – related party outstanding totaled $150,000  as of September 30, 2015:

	September 30, 2015		December 31, 2014
	(unaudited)		(audited)
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.		-		46,792
Convertible promissory note issued to a company owned by a stockholder of the Company in May 2015 bearing interest rate of 10% per annum.		100,000		-
Convertible promissory note issued to a company owned by a stockholder of the Company in May 2015 bearing interest rate of 10% per annum.		50,000		-
	$	150,000	$	48,417

Upon acquisition of Multipay S.A. (the “Subsidiary”) the Company also assumed three promissory notes in the total of $151,902 payable to two Colombian Banks. Two of the notes totaling $6,415 will be paid off by November 30, 2015. The other note in the amount of $131,917 has 23 monthly payments remaining.