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Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 – RELATED PARTY TRANSACTIONS

 

During the six months ended June 30, 2017, the Company repaid advances from related parties in the amount of $20,668. The President was owed $18,380 and $39,048 at June 30, 2017 and December 31, 2016, respectively. 

During 2016, the Company received loans from the CEO and a member of the board of directors totaling $284,900. In the six months ended June 30, 2017, the Company received additional loans from these individuals in the amount of $160,650. The loans bear interest at 5% per annum and mature on June 30, 2017 and September 30, 2017. During the six months ended June 30, 2017, $237,400 of the notes and interest was converted at approximately $0.40 for 580,000 common shares. The conversion of debt resulted in a gain on extinguishment of debt in the amount of $130,859. The balance of these loans plus accrued interest was $218,677 and $289,741 at June 30, 2017 and December 31, 2016, respectively.

 

In March 2017, the Company loaned a related party $20,000. The loan bears interest at the rate of 5% per annum and has a term of six months.