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NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES
12 Months Ended
Dec. 31, 2018
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES  
NOTE 5 - NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES

During 2018, third party convertible note payables of $8,531 were not settled for cash or through the issuance of common stock shares.

 

As of December 31, 2018 and 2017, the Company had unamortized discount of $38,920 and $0 respectively.

 

The Company analyzed the below convertible notes for derivatives noting none. The Company evaluated these convertible notes for beneficial conversion features and concluded that the beneficial conversion features resulted in a debt discount in the amount of $54,850, as of December 31, 2018.

 

 

Original

 

Due

 

Interest

 

Conversion

 

Dec 31,

 

Name

 

Note Date

 

Date

 

Rate

 

Rate

 

2018

 

Chris Knudsen

 

09/17/2017

 

09/17/2018

 

12

%

 

$

0.50

 

1,031

 

Kevin Wiltz

 

11/27/2017

 

11/27/2018

 

12

%

 

$

0.50

 

1,500

 

Richard LeAndro

 

12/05/2017

 

12/05/2018

 

12

%

 

$

0.50

 

3,000

 

Richard LeAndro

 

01/04/2018

 

01/04/2019

 

12

%

 

$

0.50

 

3,000

 

Total Convertible Notes Payable

 

8,531

 

Less: Debt Discount

 

(33

)

Convertible Notes Payable, net of Discount

 

8,498

 

Related Party:

 

Mike Zaman

 

12/30/2015

 

12/30/2018

 

12

%

 

$

0.50

 

718

 

Mike Zaman

 

04/12/2017

 

04/12/2018

 

12

%

 

$

0.50

 

350

 

Mike Zaman

 

11/15/2017

 

11/15/2018

 

12

%

 

$

0.50

 

500

 

Mike Zaman

 

11/27/2017

 

11/27/2018

 

12

%

 

$

0.50

 

460

 

Mike Zaman

 

11/30/2017

 

11/30/2018

 

12

%

 

$

0.50

 

1,000

 

Mike Zaman

 

01/19/2018

 

01/19/2019

 

12

%

 

$

0.50

 

450

 

Montse Zaman

 

06/07/2018

 

06/07/2019

 

12

%

 

$

0.50

 

293

 

OCHC, LLC

 

08/21/2018

 

08/21/2019

 

12

%

 

$

0.50

 

631

 

OCHC, LLC

 

10/02/2018

 

10/02/2019

 

12

%

 

$

0.50

 

631

 

OCHC, LLC

 

10/24/2018

 

10/24/2019

 

12

%

 

$

0.50

 

631

 

OCHC, LLC

 

11/16/2018

 

11/16/2019

 

12

%

 

$

0.50

 

631

 

OCHC, LLC

 

12/04/2018

 

12/04/2019

 

12

%

 

$

0.50

 

631

 

Munti Consulting LLC

 

10/03/2018

 

10/03/2019

 

10

%

 

$

0.50

 

35,000

 

Munti Consulting LLC

 

12/19/2018

 

12/19/2019

 

10

%

 

$

0.50

 

10,000

 

Total Convertible Related Party Notes Payable

 

51,926

 

Less: Debt Discount

 

(38,887

)

Convertible Notes Payable, net of Discount - Related Party

 

13,040

 

Chris Knudsen

 

As of December 31, 2018, there have been no additional notes, payment or conversion related to the notes. The interest on the August 21, 2018 note for $631, October 2, 2018 note for $200 and the October 24, 2018 note are $27, $6 and $5 respectfully. 

  

Kevin Wiltz

 

As of December 31, 2018, there have been no additional notes, payment or conversion related the notes. The interest on the November 27, 2017 note for $1,500 was $197.

 

Richard LeAndro

 

On December 5, 2017 and January 4, 2018 the Company entered into convertible promissory notes with Mr. LeAndro for a loan in the amount of $3,000 on both notes. The notes carry an interest of 12% per annum. As of December 31, 2018, there have been no additional notes, payment or conversion related to the notes. The interest on the December 5, 2017 note for $3,000 and January 4, 2018 note for $3,000 were $386 and $356 respectfully.

 

The holder has the right to convert principal and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. Therefore, the Company recorded a discount for the beneficial conversion feature of the note, which has been amortized over the life of the note using the straight-line method. There have been no payments or conversions for this note as of December 31, 2018. The notes mature on December 5, 2018 and January 3, 2019 respectively.

 

Arnulfo Saucedo-Bardan

 

On March 11, 2017, and October 26, 2017, the Company entered into convertible promissory notes for with Arnulfo Saucedo-Bardan for loan in the amounts of $620 and $1,240 respectively. The notes carry interest at 12% per annum. The holder has the right to convert principal of the notes and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. During 2017, $606 of the $620 note was paid leaving a balance $14. As of December 31, 2018 both notes were paid.

 

OCHC, LLC

 

On August 11, 2018, October 2, 2018, October 24, 2018, November 16, 2018 and December 4, 2018, the Company entered into convertible promissory notes for with OCHC, LLC for loans in the amounts of $631 each of the mentioned dates. The notes carry interest at 12% per annum. The holder has the right to convert principal of the notes and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. None of the notes were paid or converted and the interest in reference to each note are $29, $19, $14, $9 and $6 as of December 31, 2018 respectively.

 

Munti Consulting, LLC

 

On October 3, 2018 and December 19, 2018, the Company entered into convertible promissory notes for with Munti Consulting, LLC for loans in the amounts of $35,000 and 10,000. The notes carry interest at 10% per annum. The holder has the right to convert principal of the notes and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. None of the notes were paid or converted and the interests in reference to note are $853 as of December 31, 2018 respectively.

 

Mike Zaman

 

On December 30, 2015, April 12, 2017, November 15, 2017, November 27, 2017, November 30, 2017 and January 19, 2018 the Company entered into convertible promissory notes with Mike Zaman for a loans in the amount of $1,458, $350, $500, $460, $1,000 and $450, respectively. The balance on the $1,458 note was $718 at December 31, 2018. The notes carry interest at 12% per annum. The holder has the right to convert principal of the note and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. Therefore, the Company recorded a discount for the beneficial conversion feature of the notes, which has been amortized over the life of the note using the straight-line method. Payments of $500, $500 and $1,500 were made on July 3, 2018, July 11, 2018 and August 28, 2018 respectively, and no conversions for these notes as of December 31, 2018. 

  

Montse Zaman

 

On January 20, 2018, January 24, 2018, February 22, 2018, February 23, 2018, February 28, 2018, April 11, 2018 and June 7, 2018, the Company entered into convertible promissory notes for with Montse Zaman for loan in the amount of $20, $400, $25, $40, $1,300, $700 and $760 respectively. The notes carry interest at 12% per annum. The holder has the right to convert principal of the notes and accrued interest into Common shares at a rate of $0.50 per share or receive cash. At the time of the issuance of these notes, the conversion price was less than the trading price of the stock. Therefore, the Company recorded a discount for the beneficial conversion feature of the note, which has been amortized over the life of the note using the straight-line method. Interest on Montse Zaman notes were $109 for the year end December, 2018 and $10 for the year ended December, 2017. Payments of $150, $500, $2,000, $500, $500, and $1,500 were made on January 10, 2018, July 3, 2018, July 27, 2018, August 29, 2018, October 3, 2018 and October 18, 2018 respectively, and no conversions for these notes as of December 31, 2018. The notes mature on February 28, 2019, April 11, 2019 and June 7, 2019 respectively.