CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Elements [Abstract]

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 borrower’s equity. During the year ended December 31, 2020, CASH merged with Real Brands, Inc. The convertible note and accrued interest of $20,767 can be converted into 27,124,585 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. 

During the three months ended March 31, 2021, the Company earned $3,500 in interest on the note.

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