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Convertible notes payable
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Convertible notes payable

Note 6 – Convertible Notes Payable

 

In previous years the Company borrowed additional money from investors and issued convertible notes, due on demand, bearing interest at an annual rate of 8%. The notes are convertible into shares of Company common stock at a conversion price of $0.01 to $0.05 per share. As December 31, 2019 and 2018, the outstanding principal and interest on these notes was $54,500 and $420,500, respectively.

 

The following is a list of notes that were converted during 2018.

 

On April 18, 2018, Brook Zarecki IRA (Mid-South Retirement Services) converted an aggregate of $3,000 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.015.

 

On April 18, 2018, Nichole Zarecki (Mid-South Retirement Services) converted an aggregate of $7,000 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.015.

 

On April 18, 2018, Parker Zarecki (Mid-South Retirement Services) converted an aggregate of $3,000 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.015.

 

On April 18, 2018, Sierra Zarecki (Mid-South Retirement Services) converted an aggregate of $3,000 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.015.

 

On April 24, 2018, Patrick McClure converted an aggregate of $1,500 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.020.

 

On October 25, 2018, Daniel M. Price converted an aggregate of $20,000 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.02.

 

On November 13, 2018, Elia Holdings, LLC converted $14,980 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.03.

 

On November 13, 2018, Anthos Holdings, LLC converted $15,980 of convertible notes into shares of the Company’s common stock, at a conversion price of $0.03.

 

On December 3, 2018, Daniel M. Price was issued 500,000 shares of common stock for one-half of his total convertible notes.

 

As of December 31, 2019, an analysis of the principal amount of convertible notes payable that have elected conversion into common stock amounted to $366,000. The Company’s transfer agent has been constrained in its efforts to issue the common stock for these convertible notes due to the noncompliance of the Company’s filing requirements. The Company has ceased accruing interest on these convertible notes but continues to accrue interest on the remaining convertible notes of $54,500. The convertible notes that have elected conversion without the stock being issued have been included in ‘Accrued liabilities’ on the Balance Sheet.