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3. CONVERTIBLE NOTES PAYABLE - STOCKHOLDER
3 Months Ended
Mar. 31, 2018
Notes  
3. CONVERTIBLE NOTES PAYABLE - STOCKHOLDER

3.CONVERTIBLE NOTES PAYABLE - STOCKHOLDERS 

 

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 originally had a term of one year. The note has been extended through May 18, 2018. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 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 originally had a term of one year. The note has been extended through September 9, 2018. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share.

 

On April 24, 2017, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 for the Company’s working capital needs. The note bears interest at 6% per annum and matured on April 24, 2018. On April 24, 2018 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 $0.0125 per share.

 

On November 16, 2017, the Company issued two unsecured convertible notes payable to stockholders in exchange for $20,000 ($10,000 each) in cash for the Company’s working capital needs. The notes bear interest at 6% per annum and mature on November 16, 2018. The stockholders each have the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share.

 

At March 31, 2018 and December 31, 2017 convertible notes payable – stockholders were $90,000, respectively. At March 31, 2018 and December 31, 2017, accrued interest on the notes were $8,034 and $6,703, respectively.  Interest expense amounted to $(1,332) and $(666) for the three months ended March 31, 2018 and 2017, respectively.