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NOTE 7 - CONVERTIBLE DEBENTURES
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
NOTE 7 - CONVERTIBLE DEBENTURES

NOTE 7 - CONVERTIBLE DEBENTURES

 

On May 8, 2015, the Company issued convertible debentures to certain accredited investors. The total principal amount of the debentures is $300,000 and matures on November 8, 2015 with a zero percent interest rate. The debentures are convertible into shares of the Company’s common stock at the lower of the fixed price ($0.89) or fifty five percent (55%) of the average if the three lower trading price for 20 trading days prior to conversion.

 

 

As of June 30, 2015, the aggregate carrying value of the debentures was $83,333 net of debt discounts of $216,667.