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Convertible Promissory Notes
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
5.
Convertible Promissory Notes
 
During the six months ended June 30, 2016, the Company issued convertible promissory notes, details of which are as follows:
 
Convertible promissory notes issued amounting to $150,000 each to two investors.
 
The key terms/features of the convertible notes are as follows:
 
 
 
1.
The Holders have the right from and six months after the date of issuance, and until any time until the Notes are fully paid, to convert any outstanding and unpaid principal portion of the Notes, into fully paid and non–assessable shares of Common Stock (par value $.0001).
 
2.
The Notes are convertible at a fixed conversion price of 45% of the lowest trading price of the Common Stock as reported on the OTC Pink maintained by the OTC Markets Group, Inc. upon which the Company’s shares are currently quoted, for the four (4) prior trading days including the day upon which a Notice of Conversion is received by the Company.
 
3.
Interest on the unpaid principal balance of this Note shall accrue at the rate of twenty-four (24 %) per annum.
 
4.
Beneficial ownership is limited to 4.99%.
 
5.
The Notes may be prepaid in whole or in part, at any time during the period beginning on the issue date and ending on the maturity date September 1, 2016, beginning at 100% of the outstanding principal, accrued interest and certain other amounts that may be due and owing under the Notes.
  
Convertible Redeemable note issued amounting to $75,000.
 
The key terms/features of the convertible note are as follows:
 
1.
The maturity date of the Note is May 19, 2017
2.
Interest on the unpaid principal balance of this Note shall accrue at the rate of 8 % per annum.
3.
In the event the Note holder exercises the right of conversion, the conversion price will be equal to 52% of the lowest closing bid price of the Company’s common stock for the twenty (20) trading days prior to the date of conversion.
4.
Conversion is limited to the holder beneficially holding not more than 4.99% of the Company’s then issued and outstanding common stock after the conversion
 
No conversions occurred and no notes were redeemed in the six months ended June 30, 2016. Interest amounting to $24,673 was accrued for the six months ended June 30, 2016.