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LOAN PAYABLE - RELATED PARTY
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9 Months Ended |
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Sep. 30, 2014
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| Debt Disclosure [Abstract] | |
| LOAN PAYABLE - RELATED PARTY |
Between March 2014 and May 2014, an affiliated company loaned a total of $35,000 to the Company. This loan is non-interest bearing and is due on demand. The proceeds were used for working capital purposes. As of September 30, 2014, the loan payable amounted to $35,000. The affiliated company is owned by a majority stockholder of the Company. The affiliated party sold the notes to another affiliated party who, on October 15, 2014, pursuant to an exchange agreement, exchanged the notes and relinquished any and all other rights it may have pursuant to the notes in exchange for 750,000 shares of newly designated Series D Convertible Preferred Stock (see Note 9). |
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- Details
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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