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Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

7. Subsequent Events

 

Convertible Debentures and Warrants

 

During April and May 2015, the Company sold a $15,000 Unsecured Convertible Debentures (the “Debenture”) to an accredited investor for cash. The Debenture matures in twelve months, carries a fixed conversion price of $0.03, an annual interest rate of 10% and is convertible into 500,000 shares of common stock at maturity. In addition, the Company issued the holder of the Debenture a detachable five-year warrant to purchase 250,000 additional shares of common stock at an exercise price of $0.06 per share.

 

Note Payable

 

In April 2015, the Company entered into a $55,000, 10% original discount note that can be repaid for $61,111 if paid within 90 days at 0% interest. If paid subsequent to 90 days, the note is convertible into common stock at a discount to the market price. Management estimates that the note will be paid within the 90 day period.

 

Subsequent events have been evaluated through the date financial statements are filed with the Securities and Exchange Commission.