Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.3.0.814
DEBT (Tables)
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of debt

Debt as of September 30, 2015 and December 31, 2014, was comprised of the following:

 

    2015   2014
June 2011 Note  - In Default   $ 68,000     $ 68,000  
                 
Convertible note payable, interest at 8% per annum, $320,000 principal payment due December 31, 2016, remaining unpaid principal and interest due August 20, 2018, convertible into common stock at the option of the lenders at a rate of $1.10 per share     1,000,000       —    
Debt discount     (14,200 )     —    
                 
Note payable dated February 2012, interest at 5% per annum, $112,500 is due December 31, 2014, convertible in whole or in part to common stock at $.50 per share. (see Note 11)     —         225,000  
                 
Note payable insurance premium financing, interest at 4.25% per annum, payable in 10 installments of $27,927, due November 1, 2015     27,800       —    
                 
 Capital lease obligations, secured by certain assets, maturing through March 2019     236,600       130,900  
     Total notes payable and capital lease obligations     1,318,200       423,900  
     Less:  current portion     (199,400 )     (363,000 )
     Notes payable and capital lease obligations, long-term, including debt discount   $ 1,118,800     $ 60,900