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EXCEL - IDEA: XBRL DOCUMENT - Entia Biosciences, Inc.Financial_Report.xls
10-Q - ERGO 10-Q 09/30/12 - Entia Biosciences, Inc.ergo10q_093012apg.htm
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v2.4.0.6
NOTE 7 - NOTES PAYABLE
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
NOTE 7 - NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

 

Notes payable consists of the following:

 

      September 30, 2012   December 31, 2011
Notes payable - current      
4.85%, unsecured, due monthly                           415                       20,664 
7.85% unsecured, due monthly                        2,812                          2,493 
         $                  3,227       $              23,157 
Convertible notes payable, net      
5% unsecured due June 2013 (net of discount related to beneficial conversion feature of $0 in 2012 and $5,143 in 2011), convertible into preferred stock at $5.00 per share    $               15,000       $                9,857 
5%, unsecured due June 2013  (net of discount related to beneficial conversion feature of $35,807 in 2012 and $127,701 in 2011), convertible into common stock at $0.45 per share                   276,693                     184,799 
6% unsecured due June 2013 (net of discount related to beneficial conversion feature of $6,416 in 2012 and $0 in 2011), convertible into preferred stock at $5.00 per share                        6,584     
5% unsecured due June 2013, convertible into preferred stock at $5.00  per share                      15,000                       15,000 
6% unsecured, convertible into common stock at $2.00 per share, due on demand                      50,000                       50,000 
Less:  Current Portion                  (363,277)                  (194,656)
         $                           -       $              65,000 
           
Convertible notes payable related party, net      
6% unsecured due December 2013 (net of discount related to beneficial conversion feature of $14,530 in 2012 and $0 in 2011), convertible into common stock at $2.00 per share    $               60,470       $              50,000 

 

 

Entia had debt in the principal amount of $392,500 in the form of convertible notes payable of which $377,500 was to mature on June 30, 2012. Entia was successful in renegotiating all but one of these notes to extend their maturity dates to June 30, 2013. $50,000 of the debt was extended month-to-month, and as such, all is classified as short-term on the balance sheet. In consideration for extending the maturity date, Entia issued 50,000 warrants valued at $48,533 and modified an existing conversion feature for one of the notes.

 

For one of the convertible notes payable modified in the second quarter, we deemed the terms of the note modification to be substantially different due to the change in the conversion rate and treated the convertible note payable as extinguished and exchanged for a new note. We recorded a gain of $75,315 on the extinguishment.