Quarterly report pursuant to Section 13 or 15(d)

NOTE 7 - NOTES PAYABLE - THIRD PARTY

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NOTE 7 - NOTES PAYABLE - THIRD PARTY
3 Months Ended
Mar. 31, 2015
Note 7 - Notes Payable - Third Party  
NOTE 7 - NOTES PAYABLE - THIRD PARTY

NOTE 7 – NOTES PAYABLE – THIRD PARTIES

 

On May 7, 2013, a third party loaned the Company $45,000 at 1.5% interest per month for six months. On November 8, 2013, this note was extended for a further 3 months with the same terms and conditions. On February 8, 2014 this note was extended for an additional three months with the same terms and conditions. On May 8, 2014 this note was extended for an additional three months with the same terms and conditions. On August 8, the note holder requested repayment of 50% of the note by November 30, 2014 and the note was further extended until that time at the same terms and conditions. The company did not make the 50% payment but agreed that the note would be paid in full as part of the debt reduction in conjunction with the Merger. The noteholder gave 30 day notice to the Company on May 1st, for the note to be repaid in full plus any interest due. As of March 31, 2015 and December 31, 2014 the balance on the note was $44,325 and $45,000 respectively.

 

On August 8, 2014, a deposit of $50,000 was received by ISA on behalf of its wholly owned subsidiary TrueVue 360 Inc., which had entered into a 1-year funding agreement with a Third Party beginning on September 1, 2014 for an advance of $50,000 against future receivables of $62,400. The agreement calls for thirteen payments of $4,800 every four weeks until the total due of $62,400 is paid to the party advancing the funds. The company is amortizing the original issue discount over the term of debt. The unamortized discount at March 31, 2015 and December 31, 2014 was $6,677 and $8,548 respectively. The principal due at March 31, 2015 and December 31, 2014 was $33,600 and $43,200 respectively.