Shareholder and Related Party Advances |
6 Months Ended | ||
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Jun. 30, 2015 | |||
Shareholder and Related Party Advances [Abstract] | |||
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. |
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- References No definition available.
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- Definition The entire disclosure of advances received from the shareholders and related parties. No definition available.
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