The note pays interest at a rate of 12% per annum, payable to the holder at 1% per month. The Company is making monthly payments of $5,000 towards the principal balance beginning June 1, 2014 until the note due date of February 27, 2018.

Convertible notes, price per share for conversion of shares of common stock

$ 0.15

Convertible notes, interest rate

12.00%

Maturity date

Feb. 28, 2018

Common stock issued

300,000

Convertible notes payable

$ 70,082

Convertible Note | Series C Notes

Convertible notes issued

$ 95,000

Convertible notes, payment terms

Series C Notes bear interest at a rate of 12% per annum, payable to the holder at 1% per month, with principal amount due May 31, 2017.

Convertible notes, price per share for conversion of shares of common stock

$ 0.15

Convertible notes, interest rate

12.00%

Private placement, convertible notes, principal amount

$ 20,000

$ 125,000

^[1]

Maturity date

May 31, 2017

Common stock issued

240,000

Convertible Note | Series B Notes

Convertible notes, payment terms

Series B Notes pay interest at a rate of 12% per annum, payable to the holder at 1% per month.

Convertible notes, price per share for conversion of shares of common stock

$ 0.10

Convertible notes, interest rate

12.00%

Private placement, convertible notes, principal amount

$ 2,230,000

Maturity date, description

The holders of $50,000 Series B Notes have agreed to extend the maturity date of the debt outstanding to September 1, 2017. The holder of $25,000 Series B Notes has agreed to extend the maturity date of the debt outstanding to September 1, 2019.

The holders of $1,840,000 Series B Notes have agreed to extend the maturity date of the debt outstanding to July 1, 2017 from its original maturity date of December 31, 2015.

Maturity date

Jul. 01, 2017

Common stock issued

5,315,000

Warrants issued, shares

75,000

^[2],[3]

1,840,000

Warrants issued, value per share

$ 0.07

Exercise price

$ 0.0058

Unamortized debt discount

$ 285

$ 10,672

Convertible Note | Non-Affiliate

Convertible notes issued

$ 153,000

Convertible notes, terms of conversion feature

The note holder has the right at any time following the initial 180 days of note issuance, to convert all or any part of the outstanding and unpaid principal amount of this note to shares of common stock. The conversion price shall equal the variable conversion price of 65% multiplied by the market price. The market price shall mean the average of the lowest three (3) VWAP's for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. "VWAP" shall mean the daily dollar volume-weighted average sale price for the common stock on the principal market on any particular trading day. Conversion is subject to limitation of 4.99% beneficial ownership of the outstanding shares of common stock.

Convertible notes, interest rate

12.00%

Maturity date

Jan. 05, 2019

[1]	$75,000 and $50,000 of Series C Notes were sold on August 25, 2014 and October 31, 2014.
[2]	The 25,000 warrants issued are valued at $0.00583 per issued share.
[3]	The 50,000 warrants issued are valued at $0.00278 per issued share.

MEDICAL IMAGING CORP. 10-Q/A