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3. NOTES PAYABLE
6 Months Ended
Jun. 30, 2014
Notes Payable  
NOTES PAYABLE

In January of 2014, the Company paid $20,000 in principal on the September 28, 2012 Promissory Note in the original amount of $51,300 and the final $5,000 in principal and $5,000 in accrued interest due on the Second Quarter 2012 Convertible Note in the original amount of $25,000.

 

In January of 2014, the Company converted $90,000 of principal and $3,729 of accrued interest payable related to the two July 16, 2013 promissory notes into 1,087,762 shares of common stock.

 

In March of 2014, the Company paid the final $39,900 in principal and $1,995 in accrued interest due on the May 30, 2012 Convertible note.

 

During the six months ended June 30, 2014, the Company paid a total of $1,800 to Quest Capital as part of the furniture purchase agreement in the original amount of $11,700.

 

During the six months ended June 30, 2014, aggregate amortization of debt discounts and deferred financing costs was $132,875 and $1,032, respectively.