v3.4.0.3
CONVERTIBLE NOTES PAYABLE
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6 Months Ended |
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Debt Disclosure [Abstract] |
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Debt Disclosure [Text Block] |
NOTE 9 – CONVERTIBLE NOTES PAYABLE As of March 31, 2016 the Company has the following unsecured convertible notes, issued on the dates listed, to various unrelated third parties outstanding. Column1 | | Column2 | | Column3 | | Column4 | | Column5 | | Column6 | | Date | | Amount | | Maturity period | | Interest rate | | Conversion price | | Conversion period | | | | | 30,000 | | 12 Months | | | 10 | % | 75% of market | | 6 Months | | | | | 515,000 | | 12 Months | | | 5 | % | 75% of market | | 6 Months | | | | | 500,000 | | 12 Months | | | 10 | % | 75% of market | | 6 Months | | | | | 250,000 | | 12 Months | | | 10 | % | 75% of market | | 6 Months | | | | | 213,500 | | 12 Months | | | 8 | % | 75% of market | | 6 Months | | | | | 215,000 | | 12 Months | | | 8 | % | 75% of market | | 6 Months | | | | | 258,000 | | 12 Months | | | 10 | % | 75% of market | | 6 Months | | Total | | $ | 1,981,500 | | | | | | | | | | | The use of the proceeds from the notes issued is for growth capital and planned acquisitions. As per the terms of these convertible notes the Company has reserved 4,000,000 shares (post reverse split basis) representing approximately three times the actual shares that would be issued upon conversion of all the notes. For the six months ended March 31, 2016, 934,357 shares of the Company’s common stock have been issued to satisfy $ 1,244,000 of convertible notes payable.
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- DefinitionThe 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.
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