XML 22 R12.htm IDEA: XBRL DOCUMENT v3.21.1
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 6 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

 

Upon inception, the Company evaluates each financial instrument to determine whether it meets the definition of “conventional convertible” debt under ASC 470.

 

Convertible Notes Payable

 

The following tables reflect the convertible notes payable at March 31, 2021 and December 31, 2020:

 

    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate   Conversion
Price
            Principal
Balance		     Principal
Balance		          
Convertible notes payable                            
    09/01/20   03/01/21   $ -     $ 45,000     6.00%   0.0030
Face value         -       45,000          
                                 
Less unamortized discounts         -       (13,425 )        
                                 
Balance convertible notes payable       $ -     $ 31,575          
                             
    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate   Conversion
Price
            Principal
Balance		     Principal
Balance		          
Convertible notes payable - related parties                  
    08/06/20   02/06/21   $ -     $ 25,200     6.00%   0.0035
    08/06/20   02/06/21     -       35,000     6.00%   0.0035
    08/14/20   02/14/21     -       50,400     6.00%   0.0035
Face value       -       110,600          
                                 
Less unamortized discounts       -       (24,431 )        
                                 
Balance convertible notes payable - related parties $ -     $ 86,169          

 

    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate   Conversion
Price
             Principal
Balance		     Principal
Balance		           
Convertible notes payable - in default
     08/28/09   11/01/09   $ 4,300     $ 4,300     10.00%   0.0150
    11/20/12   05/20/13     50,000       50,000     6.00%   0.0050
    01/19/13   07/30/13     5,000       5,000     6.00%   0.0040
    02/11/13   08/11/13     9,000       9,000     6.00%   0.0060
    09/25/13   03/25/14     10,000       10,000     6.00%   0.0125
    10/04/13   04/04/14     50,000       50,000     6.00%   0.0125
    10/30/13   10/30/14     50,000       50,000     6.00%   0.0125
    05/15/14   11/15/14     40,000       40,000     6.00%   0.0070
    10/13/14   04/13/15     -       -     6.00%   0.0050
    09/18/15   03/18/16     25,000       25,000     6.00%   0.0020
    04/04/16   10/04/16     10,000       10,000     6.00%   0.0010
    07/19/16   07/19/17     4,000       4,000     6.00%   0.0015
    08/24/16   02/24/17     -       -     6.00%   0.0010
    03/06/18   09/06/18     6,000       6,000     6.00%   0.0006
    02/06/18   11/07/18     6,000       6,000     6.00%   0.0006
    10/29/18   04/29/19     3,000       3,000     6.00%   0.0007
    01/03/19   07/03/19     1,000       1,000     6.00%   0.0010
    03/16/19   09/16/19     10,000       10,000     6.00%   0.0010
    09/04/19   03/04/20     25,000       25,000     6.00%   0.0030
    09/01/20   03/01/21     45,000       -     6.00%   0.0030
Balance convertible notes payable - in default   $ 353,300     $ 308,300          

 

    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate   Conversion
Price
            Principal
Balance		     Principal
Balance		          
Convertible notes payable - related parties, in default  
    01/09/09   01/09/10   $ 10,000     $ 10,000     10.00%   0.0150
    01/25/10   01/25/11     6,000       6,000     6.00%   0.0050
    01/18/12   07/18/12     50,000       50,000     8.00%   0.0040
    01/19/13   07/30/13     15,000       15,000     6.00%   0.0040
    07/26/13   01/26/14     10,000       10,000     6.00%   0.0100
    01/17/14   07/17/14     31,500       31,500     6.00%   0.0060
    05/27/14   11/27/14     7,000       7,000     6.00%   0.0070
    07/21/14   01/25/15     17,000       17,000     6.00%   0.0080
    10/16/14   04/16/15     21,000       21,000     6.00%   0.0045
    07/14/15   01/14/16     9,000       9,000     6.00%   0.0030
    01/12/16   07/12/16     5,000       5,000     6.00%   0.0020
    05/10/16   11/10/16     5,000       5,000     6.00%   0.0005
    05/10/16   11/10/16     5,000       5,000     6.00%   0.0005
    05/20/16   11/20/16     5,000       5,000     6.00%   0.0005
    07/12/16   01/12/17     2,400       2,400     6.00%   0.0006
    01/26/17   03/12/17     5,000       5,000     6.00%   0.0005
    02/14/17   08/14/17     25,000       25,000     6.00%   0.0008
    08/16/17   09/16/17     3,000       3,000     6.00%   0.0008
    03/14/18   05/14/18     25,000       25,000     6.00%   0.0007
    04/04/18   06/04/18     3,000       3,000     6.00%   0.0007
    04/11/18   06/11/18     25,000       25,000     6.00%   0.0007
    05/08/18   07/08/18     25,000       25,000     6.00%   0.0007
    05/30/18   08/30/18     25,000       25,000     6.00%   0.0007
    06/12/18   09/12/18     3,000       3,000     6.00%   0.0007
    06/20/18   09/12/18     500       500     6.00%   0.0007
    01/09/18   01/09/19     12,000       12,000     6.00%   0.0006
    08/27/18   02/27/19     2,000       2,000     6.00%   0.0007
    10/02/18   04/02/19     1,000       1,000     6.00%   0.0008
    10/23/18   04/23/19     4,200       4,200     6.00%   0.0007
    11/07/18   05/07/19     2,000       2,000     6.00%   0.0008
    11/14/18   05/14/19     8,000       8,000     6.00%   0.0008
    01/08/19   07/08/19     7,000       7,000     6.00%   0.0008
    04/25/19   12/23/19     20,000       20,000     6.00%   0.0040
    06/07/19   12/07/19     5,100       5,100     6.00%   0.0030
    09/17/19   04/17/20     12,000       12,000     6.00%   0.0030
    11/12/19   05/12/20     25,000       25,000     6.00%   0.0025
    11/26/19   05/26/20     25,200       25,200     6.00%   0.0030
    12/03/19   06/03/20     15,000       15,000     6.00%   0.0030
    01/07/20   06/20/20     51,000       51,000     6.00%   0.0030
    08/06/20   02/06/21     25,200       -     6.00%   0.0035
    08/06/20   02/06/21     35,000       -     6.00%   0.0035
    08/14/20   02/14/21     50,400       -     6.00%   0.0035
Balance convertible notes payable - related parties, in default   $ 638,500     $ 527,900          
                                 
Balance all convertible notes payable   $ 991,800     $ 953,944          

 

Notes Payable

 

The following tables reflect the notes payable at March 31, 2021 and December 31, 2020:

 

    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate
            Principal
Balance		     Principal
Balance		      
Notes payable - in default                    
    04/27/11   04/27/12   $ 5,000     $ 5,000     6.00%
    12/14/17   12/14/18     20,000       20,000     6.00%
    11/29/17   11/29/19     105,000       105,000     2.06%
Balance notes payable - default   $ 130,000     $ 130,000      
                             
    Issue Date   Maturity
Date		   March 31,
2021		     December 31,
2020		     Rate
            Principal
Balance		     Principal
Balance		      
Notes payable - related parties, in default                    
    02/24/10   02/24/11   $ 7,500     $ 7,500     6.00%
    10/06/15   11/15/15     10,000       10,000     6.00%
    02/08/18   04/09/18     1,000       1,000     6.00%
Balance notes payable - related parties, in default   $ 18,500     $ 18,500      
                             
Balance all notes payable   $ 148,500     $ 148,500      

 

New Convertible Notes Payable Issued During the three Month Period Ended March 31, 2021 and 2020

 

During the three month period ended March 31, 2021, the Company did not enter into any Convertible Notes Payable or Notes Payable Agreements:

 

During the three month period ended March 31, 2020, the Company entered into the following Convertible Notes Payable and Notes Payable Agreements:

 

In January of 2020, the Company entered into a convertible promissory note agreement in the amount of $51,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 30, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share.

 

Note Conversions

 

During the three month period ended March 31, 2021:

 

The Company issued 8,734,640 shares of restricted common stock to a related party to settle $20,302 of accrued interest owed on sixteen convertible notes payable.

 

During the three month period ended March 31, 2020:

 

The Company issued 39,781,082 shares of restricted common stock to settle $84,086 of principal and accrued interest owed on three convertible notes payable.

 

Shareholder Loan

 

At March 31, 2021 and December 31, 2020, the Company had a loan outstanding to its CEO in the amount of $1,500. The loan has a 2% annual rate of interest and an option to convert the loan into restricted shares of the Company’s common stock at $0.0005.

 

Collateralized Promissory Notes

 

Two convertible notes outstanding with related parties, dated January 9, 2009 and January 18, 2012 are collateralized by Company assets.

 

Convertible Notes Payable and Notes Payable, in Default

 

The Company does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations, which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company. The fact that the Company is in default of several promissory notes held by various lenders makes investing in the Company or providing any loans to the Company extremely risky with a very high potential for a complete loss of capital.