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NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES
12 Months Ended
Dec. 31, 2019
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES  
NOTE 5 -NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES

During 2019, third party convertible note payables of $8,531and related interest of $1,349 were settled thru issuance of 17,062 common stock shares. The company recorded a $1,349 gain on the conversion.

 

As of December 31, 2019 and 2018, the Company had unamortized discount of $0 and $38,920 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 $0, as of December 31, 2019.

 

 

 

Original

 

Due

 

Interest

 

 

Conversion

 

 

Dec 31,

 

Name

 

Note Date

 

Date

 

Rate

 

 

Rate

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related Party:

 

 

 

 

 

 

 

 

 

 

 

 

 

Mike Zaman

 

12/30/2015

 

12/30/2018

 

 

12 %

 

$ 0.50

 

 

 

-

 

Mike Zaman

 

04/12/2017

 

04/12/2018

 

 

12 %

 

$ 0.50

 

 

 

-

 

Mike Zaman

 

11/15/2017

 

11/15/2018

 

 

12 %

 

$ 0.50

 

 

 

-

 

Mike Zaman

 

11/27/2017

 

11/27/2018

 

 

12 %

 

$ 0.50

 

 

 

-

 

Mike Zaman

 

11/30/2017

 

11/30/2018

 

 

12 %

 

$ 0.50

 

 

 

760

 

Mike Zaman

 

01/19/2018

 

01/19/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

Montse Zaman

 

06/07/2018

 

06/07/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

OCHC, LLC

 

08/21/2018

 

08/21/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

OCHC, LLC

 

10/02/2018

 

10/02/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

OCHC, LLC

 

10/24/2018

 

10/24/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

OCHC, LLC

 

11/16/2018

 

11/16/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

OCHC, LLC

 

12/04/2018

 

12/04/2019

 

 

12 %

 

$ 0.50

 

 

 

-

 

Munti Consulting LLC

 

10/03/2018

 

10/03/2019

 

 

10 %

 

$ 0.50

 

 

 

-

 

Munti Consulting LLC

 

12/19/2018

 

12/19/2019

 

 

10 %

 

$ 0.50

 

 

 

-

 

Total Convertible Related Party Notes Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Less: Debt Discount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Convertible Notes Payable, net of Discount - Related Party

 

 

 

 

 

 

 

 

 

 

 

 

 

 

760

 

 

Chris Knudsen

 

On March 25, 2019, the holder exercised their right to convert the principal and interest balance of three notes into Common Shares at a rate of $0.50 per share for total of 2,062 shares issued to holder. The accrued interest converted on the July 7, 2017 note for $631, August 23, 2017 note for $200 and the September 18, 2017 note for $200 note are $103, $37 and $65 respectively. The gain for interest converted was $205. As of December 31, 2019 all notes were paid.

 

Kevin Wiltz

 

On March 25, 2019, the holder exercised their right to convert the principal and interest balance of the note into Common Shares at a rate $0.50 per share for a total of 3,000 shares issued to holder. The accrued interest converted on the November 27, 2017 note for $1,500 was $238. The gain for interest converted was $238. As of December 31, 2019, the note was paid.

 

Richard W. LeAndro

 

On March 25, 2019, the holder exercised their right to convert the principal and interest balance of two notes into Common Shares at a rate of $0.50 per share for a total of 12,000 shares issued to holder. The accrued interest converted on the December 5, 2017 note for $3,000 and January 4, 2018 note for $3,000 were $468 and $438 respectively. The gain on the interest converted was $906. As of December 31, 2019, both notes were paid.

 

OCHC, LLC

 

On August 21, 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 for a total principal balance of $3,155.

 

On March 25, 2019, the holder exercised their right to convert the principal and interest balance of the five notes into Common Shares at a rate of $0.50 per share for a total of 6,315 shares issued to holder. The total accrued interest converted for the five notes were $163 and included in accrued expenses. As of December 31, 2019, all notes were paid.

 

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.

 

On April 29, 2019, the holder exercised their right to convert the aggregate principal balance of the two notes of $45,000 and accrued interest of $170 into Common Shares for a total of 90,000 shares issued to holder. The total accrued interest for the two notes were $2,741 with a remaining balance of $2,571 of accrued interest still owed.

 

Mike Zaman

 

As of January 1, 2019, the Company owed Mike Zaman a total of $3,478. During the period ending December 31, 2019, $2,718 of the notes were paid and $9,282 of accrued interest were forgiven by the holder. The remaining principal balance of $760 and remaining accrued interest of $3,503 were not converted as of December 31, 2019.

 

Montse Zaman

 

As of January 1, 2019, the Company owed Montse Zaman a total of $293 plus accrued interest of $87. During the period ending December 31, 2019, the principal balance of $293 was paid. The remaining accrued interest of $87 remained outstanding as of December 31, 2019.

 

During the period ending December 31, 2019, the Company had $2,242 current interest expense on notes payable and $7,849 of current interest expense on credit card debt.