NOTE 9 - CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

3 Months Ended

Mar. 31, 2020

Note 9 - Convertible Note Receivable Related Party

NOTE 9 - CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

NOTE 9 – CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

The Company made an investment in the form of a convertible note in the amount of $200,000 to Canadian American Standard Hemp (CASH). The convertible note has a 7% annual interest rate and matures in 2 years. Interest and principle is payable at maturity. The note can be converted at any time and either all or part of the amount due can be converted into the borrowers equity at a price of $0.50 per share. If converted into common stock, the Company would own 1% of CASH based upon current number of CASH shares outstanding.. Messrs. Kidrin, Toboroff and Christos are Directors of CASH and Mr. Kidrin is the CEO and Mr. Ryan is the CFO of CASH. 

During the three months ended March 31, 2020, the Company earned $3,539 in interest on the note.