During the year ended December 31, 2012, the Company received an aggregate of $885,000 of net proceeds in connection with the expected issuance of convertible debt. As of December 31, 2013, $95,599 of the notes have yet to be executed and finalized or refunded. During the year ended December 31, 2014, the Company paid an aggregate of $134,968 in full settlement of the outstanding balance and accrued interest.

During the year ended December 31, 2015, the Company received an aggregate of $400,000 of net proceeds in connection with the expected issuance of a promissory note. Effective December 8, 2015, the lender converted the $400,000 net proceeds paid to a license agreement.