Convertible Notes Payable, Related Party

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Convertible Notes Payable, Related Party

Note 4. Convertible Notes Payable, Related Party

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

	December 31, 2019		December 31, 2018
Note 1 and accrued interest – Majority shareholder	$	165,107	$	156,408
Note 2 and accrued interest – Majority shareholder		-		268,341
Note 3 and accrued interest – Majority shareholder		124,972		-
Note 4 and accrued interest – Shareholder		56,387		-
Note 5 and accrued interest – Majority shareholder		88,723		-
Total Convertible notes payable and accrued interest	$	435,189	$	424,749

Note 1 – In October, 2009, the Company issued a convertible promissory with a principal amount of $73,500 to its 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 December 27, 2019, the maturity date of the note was extended to December 30, 2022. As of December 31, 2019 and December 31, 2018, this note had accumulated $91,607 and $82,908, respectively, in accrued interest.

Note 2 – 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.

Note 3 – 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 December 31, 2019, this note had accumulated $410 of accrued interest.

Note 4 – Effective September 12, 2019, the Company issued a Convertible Promissory Note in the principal amount of $55,000 to a shareholder (Note 4). This Note bears interest at the rate of 12% per annum and principal plus any accrued but unpaid interest is due and payable on January 1, 2021. The Note is convertible at the option of the holder into shares of common stock at a price of $0.25 per share. As of December 31, 2019, this note had accumulated $1,387 of accrued interest.

Note 5 – Effective December 27, 2019, the Company issued a Convertible Promissory Note in the principal amount of $88,626 to its majority shareholder in consideration for advances previously made to the Company (Note 5). This note bears interest at the rate of 10% per annum and is due and payable on December 30, 2022. The Note is convertible into shares of common stock at a price of $0.55 per share. As of December 31, 2019, this note had accumulated $97 of accrued interest.