Note Payable

3 Months Ended

Mar. 31, 2020

Notes

Note Payable

NOTE 5 – Notes Payable

The Company’s debt consists of the following:

	March 31, 2020	December 31, 2019
Note payable, 9-14% interest, interest and principal due July 10, 2020 through August 31, 2020, unsecured (1)	$350,000	$350,000
Total due	350,000	350,000
Current Portion	350,000	350,000
Long-term portion	$         -	$         -

(1)    One note for $50,000 includes as an additional return on the debt a 3% interest in the Gross Crop Yield from the Company’s hemp crop in McDermitt, NV.  No accrual has been made for this interest due to failure of crop and no proceeds received from a Gross Crop Yield.

(2)    All notes that have become due to the date of this report have been extended to a future due date, as per above date ranges.

The Company has incurred an interest expense of $9,764 during the quarter ended March 31, 2020 and $0 for the quarter ended March 31, 2019.  The Company has interest accrued on the above notes in the amount of $16,043 at March 31, 2020.

NOTE 6 – Notes Payable-Related Party

The Company’s related party debt consists of the following:

	March 31, 2020	December 31, 2019
Note payable, 1.69 – 12% interest, interest and principal due November 5, 2020 through November 30, 2020, unsecured	$37,157	$34,557
Total due	37,157	34,557
Current Portion	37,157	34,557
Long-term portion	$         -	$         -

                (1) All notes that have become due to the date of this report have been extended to a future due date as per the date range listed above.

The Company has incurred an interest expense of $1,058 during the quarter ended March 31, 2020 and $0 for the quarter ended March 31, 2019.  The Company has interest accrued on the above notes in the amount of $1,628 at March 31, 2020.

During the three months ended March 31, 2020 and 2019, the Company borrowed $2,600 and $0, respectively, from our current President and director, Vincent C. Lombardi in order to cover expenses being incurred in connection with the Company’s commercial hemp farming activities and general and administrative expenses as detailed below.  No repayments on these related party notes were made during the three months ended March 31, 2020 or 2019.

On February 14, 2020, the Company borrowed $1,600 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on May 14, 2020.  It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 14, 2020.

On March 16, 2020, the Company borrowed $1,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on June 16, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 16, 2020.