XML 18 R9.htm IDEA: XBRL DOCUMENT v3.19.2
3. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES
6 Months Ended
Jun. 30, 2019
Notes  
3. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES

3.CONVERTIBLE NOTES PAYABLE – RELATED PARTIES 

 

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, 2020. 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, 2019. 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 originally had a term of one year. The note has been extended through April 24, 2020. 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 originally had a term of one year. The notes have been extended through November 16, 2019. The stockholders each have the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share.

 

On May 2, 2019, 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 May 2, 2020. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share.

 

At June 30, 2019 and December 31, 2018 convertible notes payable – related parties were $110,000 and $90,000, respectively. At June 30, 2019 and December 31, 2018, accrued interest on the notes were $14,978 and $12,103, respectively. Interest expense amounted to $1,544 and $1,345 for the three months ended June 30, 2019 and 2018, respectively. Interest expense amounted to $2,875 and $2,677 for the six months ended June 30, 2019 and 2018, respectively.