Quarterly report pursuant to Section 13 or 15(d)

Shareholder and Related Party Advances

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Shareholder and Related Party Advances
6 Months Ended
Jun. 30, 2015
Shareholder and Related Party Advances [Abstract]  
SHAREHOLDER AND RELATED PARTY ADVANCES
5. SHAREHOLDER AND RELATED PARTY ADVANCES

 

As of June 30, 2015, the Company had deposits for approximately $600,000 that were not yet issued as common stock. 

 

The Company issued a promissory note to an accredited investor in consideration of $100,000. The interest on the unpaid principal balance is a rate of ten percent (10%)  per annum and the principal and interest on the outstanding balance is to be paid by September 1, 2015. In the event that the Company raises in excess of $2,000,000 in equity financing, then the Company is required to use part of its proceeds to pay off this note.