CONVERTIBLE PROMISSORY NOTES

6 Months Ended

Jun. 30, 2021

RELATED PARTY TRANSACTIONS

NOTE 12 - CONVERTIBLE PROMISSORY NOTES

NOTE 12 – CONVERTIBLE PROMISSORY NOTES

Convertible promissory notes consist of the following at June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Convertible promissory notes totaling $550,000 due January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $7.00 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3,000,000; accrued interest due January 31, 2019 and currently in default. The Company has offered to either repay the convertible promissory notes or request to have them converted into common stock shares of the Company. The beneficial owners of the convertible promissory notes have not yet communicated their intent to either receive payment or convert.	$	550	$	550
Current portion of convertible promissory notes	$	550	$	550