Quarterly report pursuant to Section 13 or 15(d)

CONVERTIBLE NOTES PAYABLE

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CONVERTIBLE NOTES PAYABLE
 3 Months Ended
Jun. 30, 2015
CONVERTIBLE NOTES PAYABLE [Text Block]

NOTE 14 – CONVERTIBLE NOTES PAYABLE

On June 29, 2015 the Company entered into a $50,000 Convertible promissory note was convertible into Common stock at $0.07 per share. The Convertible promissory note had an 8% annual interest rate, 1 year term and rights to 714,286 warrants with a two year term an exercise price of $0.10 per share. The Company evaluated this transaction under ASC 470-20-30 “Debt – liability and equity component” determine that a accretion of $38,101 was provided and will be amortized over the 1 year term of the note. As of June 30, 2015 $0 was amortized. The Company determine that the bifurcated value of the transaction was:

       
Notes payable $  11,899  
Intrinsic value of Conversion right Common stock   23,798  
Fair value of the warrant   14,303  
Total proceeds $  50,000