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NOTE 11 - CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY
12 Months Ended
Dec. 31, 2020
Note 11 - Convertible Note Receivable Related Party  
NOTE 11 - CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

NOTE 11 – 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, either all or part of the amount due can be converted into the borrowers equity. During the year ended December 31, 2020, CASH merged with Real Brands Inc. The convertible note and accrued interest of $17,267 can be converted into 26,696,153 shares of Real Brands common stock at a conversion price of $0.008139. If converted into common stock, the Company would own approximately 1% of Real Brands Inc. Messrs. Kidrin, Toboroff and Christos are Directors of Real Brands and Mr. Kidrin is the CEO and Mr. Ryan is the CFO of Real Brands.