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RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
NOTE 3 - RELATED PARTY TRANSACTIONS

The Company is provided office space by one of the officers and directors at no charge. The Company believes that this office space is sufficient for its needs for the foreseeable future.

 

As of March 31, 2017 and December 31, 2016, the Company had a payable of $10,583 to Montse Zaman, director. The payable is unsecured, bears no interest and due on demand.

 

As of December 31, 2016, the Company had outstanding notes payable to related parties of $6,116. As of March 31, 2017 the aggregate outstanding balance under these related party notes payable was $6,116. These notes payables are with officers and directors of the Company and with entities controlled by officers or directors of the Company including Montse Zaman and etc, bear interest at 12%, and are currently in default.

 

The Company evaluated embedded conversion features within convertible debt under ASC 815 "Derivatives and Hedging" and determine the embedded conversion feature(s) should not be bifurcated from the host instrument and not accounted for as a derivative. The Company further evaluated the instrument under ASC 470-20 "Debt with Conversion and Other Options" and determine the conversion option is a beneficial conversion feature (BCF).