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NOTE 3 - NOTES PAYABLE
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6 Months Ended |
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Jun. 30, 2014
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| Stockholders' Equity Note [Abstract] | |
| NOTE 3 - NOTES PAYABLE |
NOTE 3 - NOTES PAYABLE
As of June 30, 2014, the Company issued an aggregate of $450,000 of Unsecured Convertible Notes (the “Notes”). The Notes carry a 6% annual interest rate and are payable on May 31, 2016. Pursuant to the Notes, the holders of the Notes have an option to convert the then outstanding principal amount of the Notes into the common stock of the Company at a price of 75% of the sale price of the Company’s next financing. There were no derivative liabilities accounted due to the uncertainty of future offering. During the three and six months ended June 30, 2014, the Company recorded interest expense of $1,299 and $1,299, respectively, related to the Notes. |
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- Details
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- Definition
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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