Private Placement Memorandum
|12 Months Ended|
Dec. 31, 2015
|Private Placement Memorandum [Abstract]|
|PRIVATE PLACEMENT MEMORANDUM||
During 2015, the Company entered into a placement agency agreement with a third party to assist in raising capital. Direct costs of this private placement memorandum (PPM) will be deferred and reduce the proceeds from the shares sold in the PPM. If the PPM is not completed, all costs will be charged to expense in the period in which the PPM is terminated. Costs of $2,271,637 have been incurred and capitalized related to this PPM as of December 31, 2015 and are recorded in prepaid expenses, deposits and deferred costs.
Total amount to be converted to common stock is $13,534,426 and are recorded as notes payab41le. Net proceeds to the Company are expected to be $12,242,104 at the completion of this conversion.