Quarterly report pursuant to Section 13 or 15(d)

Shareholder and Related Party Advances

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Shareholder and Related Party Advances
3 Months Ended
Mar. 31, 2015
Shareholder and Related Party Advances [Abstract]  
SHAREHOLDER AND RELATED PARTY ADVANCES
5. SHAREHOLDER AND RELATED PARTY ADVANCES

 

As of March 31, 2015 the Company had deposits for approximately $48 thousand that were not yet issued as common stock.

 On February 18, 2015 the Company signed a promissory note with an accredited investor which is classified as notes payable in the balance sheet. The interest on the unpaid principal balance is a rate of ten percent (10%) per annum, principal and interest on the outstanding balance to be paid by May 19, 2015 (the “Maturity Date”). In the event that the Company raises in excess of Two Million ($2,000,000) dollars in equity financing, then the Maker will use part of its proceeds to pay off this note.