XML 50 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Demand Loans
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Demand Loans


5. Demand Loans


In April 2012, the Company received an unsecured loan of $2,500 from an individual and repaid the loan, with interest at 8%, in May 2012.


In July 2012, the Company received an unsecured loan of $5,800 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 5,800 shares of common stock of the Company at $0.06 per share to this individual. The warrants expire in five years. A financing cost of approximately $200, representing the fair value of the warrants, was charged to income in the third quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.64%; expected volatility based on the Company’s historical volatility-108%; and dividend yield-0.


In July 2012, the Company received an unsecured loan of $3,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 3,000 shares of common stock of the Company at $0.06 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the third quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.60%; expected volatility based on the Company’s historical volatility-108%; and dividend yield-0.


In August 2012, the Company received an unsecured loan of $3,500 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 3,500 shares of common stock of the Company at $0.07 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the third quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.61%; expected volatility based on the Company’s historical volatility-108%; and dividend yield-0.


In September 2012, the Company received an unsecured loan of $20,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 20,000 shares of common stock of the Company at $0.03 per share to this individual. The warrants expire in five years. A financing cost of approximately $400, representing the fair value of the warrants, was charged to income in the third quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.68%; expected volatility based on the Company’s historical volatility-110%; and dividend yield-0.


In October 2012, the Company received an unsecured loan of $3,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 3,000 shares of common stock of the Company at $0.03 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the fourth quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.67%; expected volatility based on the Company’s historical volatility-113%; and dividend yield-0.


In October 2012, the Company received an unsecured loan of $3,700 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 3,700 shares of common stock of the Company at $0.025 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the fourth quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.67%; expected volatility based on the Company’s historical volatility-113%; and dividend yield-0.


In October 2012, the Company received an unsecured loan of $4,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 4,000 shares of common stock of the Company at $0.022 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the fourth quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.82%; expected volatility based on the Company’s historical volatility-113%; and dividend yield-0.

 

In November 2012, the Company received an unsecured loan of $4,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 4,000 shares of common stock of the Company at $0.01 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the fourth quarter of 2012. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.73%; expected volatility based on the Company’s historical volatility-113%; and dividend yield-0.


In March 2013, the Company received an unsecured loan of $3,000 from an individual. The loan bears interest at 8% and is payable on demand. The loan was used to finance the Company’s working capital requirements. Additionally, the Company granted warrants to purchase 3,000 shares of common stock of the Company at $0.021 per share to this individual. The warrants expire in five years. A financing cost of approximately $100, representing the fair value of the warrants, was charged to income in the first quarter of 2013. The fair value of the warrants was determined using the Black-Scholes pricing model with the following assumptions: expected life-5 years; interest rate-.77%; expected volatility based on the Company’s historical volatility-101%; and dividend yield-0.