|6 Months Ended|
Jun. 30, 2015
|Debt Disclosure [Abstract]|
NOTE 9 - DEBT
The Company entered into a loan agreement evidenced by a convertible secured promissory note with Advanced Technology Materials, Inc. (ATMI) on February 14, 2012. The amount of the convertible secured promissory note was $225,000. The entire loan and/or unpaid balance of the loan and accrued interest can be converted into the Companys common stock at $0.50 per share at any time at the option of the holder. In December 2014, the promissory note and accrued interest was purchased by two shareholders of the Company from ATMI. In January 2015 the convertible promissory note and accrued interest totaling $257,400 was converted into 514,750 shares on common stock in accordance with the terms on the original convertible note.
Debt as of June 30, 2015 and December 31, 2014, was comprised of the following:
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef