Convertible Notes Payable - Related Parties

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Convertible Notes Payable - Related Parties

Note 4 – Convertible Notes Payable – Related Parties

On November 20, 2015, five trustees on our board of trustees loaned $197,780 to the Company in exchange for convertible notes payable. The convertible notes payable accrue interest at 10% per annum and mature on November 20, 2018. The convertible notes payable can be converted by the noteholders into common shares at the rate of $1.331 per common share at any time. The Company can convert the notes payable into common shares at any time. At maturity or when the Company chooses to convert the convertible notes payable into common shares, the noteholders have the option to receive cash plus accrued interest or convert the convertible notes payable into common shares.