|9 Months Ended|
Sep. 30, 2015
|Notes to Financial Statements|
NOTE 5 NOTES PAYABLE
During the three months ended March 31, 2015, the Company executed multiple promissory notes with a creditor for total proceeds of $298,000. The loans are uncollateralized, bear interest at 3% and mature in six months. As of September 30, 2015, the Company converted all principal and interest into 1,655,555 shares of common stock. The value of the shares was determined using the average of the most recent stock sales for cash, resulting in a loss on conversion of debt of $226,811.
During the nine months ended September 30, 2015, the Company received short term loans from three creditors for a total of $354,000. The loans are uncollateralized, non-interest bearing and are due on demand.
The Company also has financing loans for its product liability and Director and Officer Insurance. As of September 30, 2015 and December 31, 2014 the loans have a balance of $31,778 and $7,442, respectively, they bear interest at 6.15% and 5.99% and are due within one year.
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef