Convertible Notes to Related Party

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Convertible Notes to Related Party

Note 4. Convertible Notes to Related Party

Convertible notes payable at September 30, 2019 and December 31, 2018 consist of the following:

	September 30, 2019		December 31, 2018
Note 1 payable and accrued interest – Majority shareholder	$	162,908	$	156,408
Note 2 payable and accrued interest – Majority shareholder		-		268,341
Note 3 payable and accrued interest – Majority shareholder		124,661		-
Total Convertible notes and accrued interest	$	287,569	$	424,749

In October, 2009, the Company issued a convertible promissory with a current principal amount of $73,500 to its sole officer/ director and majority shareholder (Note 1). The note bears interest at the rate of 12% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.001. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of September 30, 2019 and December 31, 2018, this note had accumulated $89,408 and $82,908, respectively, in accrued interest.

On December 31, 2013, the Company issued a convertible promissory note in the amount of $255,681 to its majority shareholder (Note 2). The note bears interest at the rate of 1% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.25 per share. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of December 31, 2018, this note had accumulated $12,660 in accrued interest. Effective September 1, 2019, this note and associated accrued interest was converted into 1,080,092 shares of the Company’s Series A Preferred Stock.

Effective September 1, 2019, the Company issued a Convertible Promissory Note in the principal amount of $124,562 to its majority shareholder in consideration for advances previously made to the Company (Note 3). This note bears interest at the rate of 1% per annum and is due and payable on December 30, 2022. The Note is convertible into shares of common stock at a price of $0.25 per share. As of September 30, 2019, this note had accumulated $99 of accrued interest.