3. Convertible Notes Payable - Stockholder

3 Months Ended

Mar. 31, 2017

Notes

3. Convertible Notes Payable - Stockholder

3.   CONVERTIBLE NOTES PAYABLE - STOCKHOLDER

On May 18, 2015, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and was set to mature on May 18, 2016.

On May 18, 2016 the note was extended for an additional twelve months. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

On September 9, 2016, the Company issued an unsecured convertible note payable to a stockholder in exchange for $20,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and matures on September 9, 2017. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share.

At March 31, 2017 and December 31, 2016, accrued interest on the note was $3,482 and $2,816, respectively.  Interest expense amounted to $(666) and $(374) for the three months ended March 31, 2017 and 2016, respectively.