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NOTES PAYABLE
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3 Months Ended | ||
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Mar. 31, 2015
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| Notes Payable [Abstract] | |||
| NOTES PAYABLE |
On September 30, 2014, the Company entered into an unsecured demand promissory note with a third party lender for total borrowings of $100,000. The outstanding principal is due on demand, along with an additional interest fee of $5,000.
On February 26, 2015, the Company entered into an unsecured loan agreement with a third party lender for additional borrowings of $200,000. The borrowings bear interest at 12% per annum and are due on demand.
On February 26, 2015, the Company entered into an unsecured loan agreement with its majority shareholder for borrowings of $100,000. The borrowings bear entered at 12% per annum and are due on demand.
On March 21, 2015, the Company entered into an agreement with DelMorgan Group LLC to act as its exclusive financial advisor. In connection with the agreement, the Company paid DelMorgan Group LLC $125,000, which was advanced by a third party lender in exchange for an usecured note payable by the Company with interest at 12% per annum payable monthly beginning April 20, 2015. The note payable is due on the earlier of March 20, 2017, or upon completion of a private placement transaction, as defined in the agreement. The Company expects this transaction to take place in the next twelve months. As a result, the $125,000 note payable has been classified as a current liability as of March 31, 2015 in the accompanying condensed consolidated balance sheet.
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