NOTE 6 - DEBT DISCOUNT

6 Months Ended

Jun. 30, 2015

Note 6 - Debt Discount

NOTE 6 - DEBT DISCOUNT

NOTE 6 - DEBT DISCOUNT 

The Company recorded the $300,000 debt discount due to the $331,434 derivative liabilities.

The debt discount was recorded in 2015 and pertains to convertible debt issued that contains ratchet features that are required to be reported at fair value.

Debt discount is summarized as follows: 

	June 30, 2015
Debt discount as of December 31, 2014	$	13,822
Amortization due to settlement		(13,822	)
Debt discount as of March 31, 2015		—
Debt discount on May 8, 2015 Convertible note payable	$	107,016
Accumulated amortization		(50,347	)
Debt discount on notes payable, net	$	56,669

Amortization of debt discount on notes payable for the six months ended June 30, 2015 and June 30, 2014 was $64,169 and $289,345, respectively.