NOTE PAYABLES - RELATED PARTY

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

NOTE PAYABLE - RELATED PARTY

NOTE 6 – NOTES PAYABLE – RELATED PARTY

On December 16, 2016, Ammo and Mansfield entered into a note purchase and sale agreement to purchase a promissory note held by Mansfield, and payable by ATAC.  Ammo purchased the promissory note for $1,035,000. The Managing Member of Mansfield is related to the President of Ammo.  The $1,035,000 was payable on or before the closing date of the note purchase and sale agreement, however, as of September 30, 2017, only $810,000 of the note balance has been paid, leaving a liability of $225,000 payable to Mansfield.

On August 22, 2017, Ammo entered into two promissory notes totaling $200,000 in connection with its merger with Hallam, Inc, and Ammo Technologies Inc.  One note, in the amount of $100,000 with interest at the rate of 8% per annum payable to Daniels Family Law was repaid in full on October 31^st, 2017. The second note, in the amount of $100,000, given as non-interest bearing deferred consideration to the shareholders of Hallam, Inc., is payable on or before February 22, 2018.