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DEBT
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12 Months Ended |
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Dec. 31, 2014
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| DEBT [Abstract] | |
| DEBT |
NOTE 6 – DEBT
On September 10, 2014, we entered into an Unsecured Grid Note, for up to $250,000 with SCO Capital Partners LLC. We have drawn a total of $250,000. On December 1, 2014, we entered into a second Unsecured Grid Note, for up to $250,000 with SCO Capital LLC. At December 31, 2014 we had drawn a total of $150,000. The interest on both notes is 8% per annum and the maturity dates are August 31, 2015 for the first Grid Note and November 30, 2015 for the second Grid Note unless a financing of at least $5,000,000 occurs, in which extent the notes are required to be paid in full. We had note payables totaling $400,000 at December 31, 2014. We had interest expense totaling $7,000 on both notes at December 31, 2014. The notes were paid in full on January 5, 2015
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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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