Annual report pursuant to Section 13 and 15(d)

DEBT

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DEBT
12 Months Ended
Dec. 31, 2014
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