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CONVERTIBLE NOTE PAYABLE
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE PAYABLE

NOTE 6 – CONVERTIBLE NOTE PAYABLE

The Company entered into an agreement for a short-term convertible note payable to an unrelated party on December 22, 2016 with sixty (60) days maturity and a $1,875,000 principal balance.  The note has a one-time fee of $375,000, which was amortized as interest, ratably over the sixty (60) day period. The note is convertible into one share of the Company's common stock and one stock purchase warrant at a conversion price of $1.25 per unit.  Each warrant has an exercise price of $2.50.

During 2016, the Company recognized $18,750 of interest, as it amortized a portion of the one-time interest fee.  As of December 31, 2016, the balance of the note payable was $1,518,750, net of $356,250 of debt discount.

In 2017, the Company renegotiated the due date for the note payable, and in exchange agreed to pay the note holder an additional 5% annual interest rate on the remaining principal balance until the note was paid in full.   During 2017, the Company recorded $356,250 of interest from the amortization of the one time fee, and an additional $74,896 in interest expense.

As of December 31, 2017, the balance of the note, was $1,575,000.  This note was paid in full during the first quarter of 2018.