0001493152-18-016302.txt : 20181115 0001493152-18-016302.hdr.sgml : 20181115 20181115173220 ACCESSION NUMBER: 0001493152-18-016302 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181115 DATE AS OF CHANGE: 20181115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZENERGY BRANDS, INC. CENTRAL INDEX KEY: 0001386026 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 208881686 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55771 FILM NUMBER: 181188130 BUSINESS ADDRESS: STREET 1: 7700 WINDROSE AVE STREET 2: STE G300 CITY: PLANO STATE: TX ZIP: 75024 BUSINESS PHONE: (469) 228-1400 MAIL ADDRESS: STREET 1: 7700 WINDROSE AVE STREET 2: STE G300 CITY: PLANO STATE: TX ZIP: 75024 FORMER COMPANY: FORMER CONFORMED NAME: CHRON ORGANIZATION, INC. DATE OF NAME CHANGE: 20170501 FORMER COMPANY: FORMER CONFORMED NAME: South American Properties, Inc. DATE OF NAME CHANGE: 20131121 FORMER COMPANY: FORMER CONFORMED NAME: Bioquest Technologies Inc DATE OF NAME CHANGE: 20070111 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

Commission File Number: 000-55771

 

ZENERGY BRANDS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Nevada   20-8881686

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

7700 Windrose Ave. #G300, Plano TX 75024

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number including area code: 469-228-1400

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]
Non-accelerated filer [  ] (Do not check if a smaller reporting company) Smaller reporting company [X]
      Emerging growth company [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 2,264,623,336 of Class A Common shares outstanding, 10,000,000 of Class B Common Shares outstanding, and 600,000 Preferred Shares Series A outstanding as of November 12, 2018.

 

 

 

 
 

 

ZENERGY BRANDS, INC.

 

Index

 

    Page
Part I – FINANCIAL INFORMATION  
     
Item 1. Consolidated Financial Statements 3
     
  Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 3
     
  Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017 (unaudited) 4
     
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited) 6
     
  Notes to Consolidated Financial Statements (unaudited) 7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
     
Item 3. Quantitative and Qualitative Disclosure About Market Risk 34
     
Item 4. Controls and Procedures 34
     
Part II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 35
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
     
Item 3. Defaults Upon Senior Securities 35
     
Item 4. Mine Safety Disclosures 35
     
Item 5. Other Information 35
     
Item 6. Exhibits 36
     
SIGNATURES 37

 

2
 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

 

ZENERGY BRANDS, INC.

CONSOLIDATED BALANCE SHEETS

 

   September 30, 2018   December 31, 2017 
   unaudited   audited 
ASSETS          
Current Assets          
Cash and cash equivalents  $21,569   $27,849 
Accounts receivable, net   198,210    7,971 
Current potion of financing receivables, net   42,867    7,971 
Related party receivable   -    10,578 
Other assets   155,706    3,526 
Inventory   25,952    - 
Prepaid expenses   96,250    34,066 
Total current assets   540,554    83,990 
Long-term assets          
Financing receivables, net   1,231,004    54,378 
Investment   500,000    - 
Goodwill   1,238,735    - 
Intangible assets   230,000    - 
Other long-term assets   -    10,631 
Total long-term assets   3,199,739    65,009 
Fixed Assets          
Property, plant, equipment   208,762    156,955 
Less: Amortization   (76,691)   (11,072)
Total fixed assets   132,071    145,883 
Total assets  $3,872,364   $294,882 
           
LIABILITIES & SHAREHOLDERS’ DEFICIT          
Liabilities          
Current Liabilities          
Accounts payable  $591,620   $389,520 
Related party accounts payable   145,175    60,312 
Accrued liabilities   295,621    - 
Accrued interest   356,577    133,519 
Accrued payroll   55,832    353,793 
Deferred revenue   20,085    520 
Deferred tax liability   5,896    - 
Other current liabilities   -    21,579 
Subscription liabilities   74,000    44,000 
Related party convertible promissory note, net   205,000    169,000 
Notes payable   1,776,064    19,464 
Convertible promissory notes, net   1,785,466    1,046,663 
Suspense   -    - 
Total current liabilities   5,311,336    2,238,370 
Long-term Liabilities          
Deferred revenue   1,031,874    3,743 
Convertible promissory note, net   -    - 
Total long-term liabilities   1,031,874    3,743 
Total Liabilities   6,343,210    2,242,113 
           
Minority interest in subsidiary   -    - 
           
Mezzanine Equity          
Beneficial conversion feature   649,012    693,076 
Warrants   38,693    81,530 
Total Mezzanine equity   687,705    774,606 
           
Shareholders’ deficit          
Class A Common stock par value $.001, 4,200,000,000 shares authorized, 1,870,337,322 and 973,105,369 issued and outstanding, respectively   1,870,337    973,105 
Class B Common stock par value $.001, 10,000,000 shares authorized, 10,000,000  issued and outstanding   10,000    10,000 
Preferred stock series A par value $.001, 2,000,000 shares authorized, 600,000 and 0, respectively issued and outstanding   600    500 
Preferred stock par value $.001, 38,000.000 shares authorized, none issued   -    - 
Additional paid-in capital   3,525,200    1,926,569 
Accumulated deficit   (8,564,688)   (5,632,011)
Total shareholders’ deficit   (3,158,551)   (2,721,837)
Total liabilities & shareholders’ deficit  $3,872,364   $294,882 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3
 

 

ZENERGY BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30, 2018   September 30, 2017   September 30, 2018   September 30, 2017 
   unaudited   unaudited   unaudited   unaudited 
                 
Revenue  $440,479   $13,460   $1,206,534   $23,585 
                     
Cost of goods sold   410,027    3,450    973,457    25,570 
                     
Gross profit (loss)   30,452    10,010    233,077    (1,985)
                     
Operating expenses                    
Selling, general and administrative expenses   649,615    641,343    2,556,496    1,790,696 
Amortization expense   4,044    4,041    13,813    7,031 
Total Operating Expense   653,659    645,384    2,570,309    1,797,727 
Operating loss   (623,207)   (635,374)   (2,337,232)   (1,799,712)
                     
Other income (expense)                    
Interest income   2,186    -    6,966    - 
Depreciation Expense   (12,444)   -    (12,444)   - 
Forgiveness of debt   -    -    313,500    - 
Loss on extinguishment of debt   -    -    (52,024)   - 
Tax expense   102    -    204    - 
Interest expense   (471,336)   (197,095)   (1,517,442)   (364,710)
Total other expense   (481,492)   (197,095)   (1,261,240)   (364,710)
                     
Net loss  $(1,104,699)  $(832,469)  $(3,598,472)  $(2,164,422)
                     
Per share information:                    
Net loss per share - basic  $(0.002)  $(0.001)  $(0.005)  $(0.002)
                     
Weighted average shares outstanding - basic   584,100,730    898,540,985    751,836,198    875,360,417 
                     
Weighted average shares outstanding - diluted   2,152,766,488    1,202,501,985    2,320,501,956    1,179,321,417 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

4
 

 

ZENERGY BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGE IN SHAREHOLDERS’ DEFICIT

 

   Class A
Common Stock		   Class B
Common Stock		   Series A
Preferred Stock		    Accumulated   Additional
Paid-in-		     
   Shares   Amount   Shares   Amount   Shares   Amount   Deficit   Capital   Total 
                                     
December 31, 2016 - Audited   853,262,525   $853,262    10,000,000   $10,000    -   $-   $(2,328,890)  $274,903   $(1,190,725)
                                              
Net Loss   -    -    -    -    -    -    (3,303,121)   -    (3,303,121)
                                              
Conversion of warrants   919,091    919                        -    (919)   - 
                                              
Conversion of notes payable   38,053,031    38,053    -    -    -    -    -    103,197    141,250 
                                              
Conversion of mezzanine equity   -    -    -    -    -    -    -    858,350    858,350 
                                              
Class A common stock issued   68,514,143    68,514    -    -    -    -    -    410,385    478,899 
                                              
Series A preferred stock issued   -    -    -    -    500,000    500    -    124,500    125,000 
                                              
Common stock issued for service and fees   12,356,579    12,357    -    -    -    -    -    156,153    168,510 
                                              
December 31, 2017 - Audited   973,105,369   $973,105    10,000,000   $10,000    500,000   $500   $(5,632,011)  $1,926,569   $(2,721,837)
                                              
Net Loss   -    -    -    -    -    -    (3,598,472)   -    (3,598,472)
                                              
April 3, 2018 Acquisition                                 665,795    -    665,795 
                                              
Extinguishment of debt   -    -    -    -    -    -    -    52,024    52,024 
                                              
Conversion of warrants   35,344,129    35,344                        -    7,286    42,630 
                                              
Conversion of notes payable   577,013,000    577,013    -    -    -    -    -    49,589    626,602 
                                              
Conversion of mezzanine equity   -    -    -    -    -    -    -    1,182,234    1,182,234 
                                              
Stock issued in subsidiary   -    -    -    -    -    -    -    200,000    200,000 
                                              
Class A common stock issued   216,284,501    216,285    -    -    -    -    -    (201,302)   14,983 
                                              
Series A preferred stock issued   -    -    -    -    100,000    100    -    99,900    100,000 
                                              
Common stock issued for service and fees   68,590,323    68,590    -    -    -    -    -    208,900    277,490 
                                              
September 30, 2018 31, 2018 - Unaudited   1,870,337,322    1,870,337    10,000,000    10,000    600,000    600    (8,564,688)   3,525,200    (3,158,551)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

5
 

 

ZENERGY BRANDS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   September 30, 2018   September 30, 2017 
         
OPERATING ACTIVITIES          
Net Loss  $(3,598,472)  $(2,164,422)
Adjustments to reconcile net loss to net cash used in operating activities          
Amortization of debt discount   1,232,376    262,736 
Amortization of software   13,813    7,031 
Depreciation expense   12,444      
Conversion of cashless warrants   42,630    - 
Compensation and fees paid in stock   277,490    107,400 
Loss on extinguishment of debt   52,024    - 
Changes in operating assets and liabilities        - 
Accounts receivable, net   (198,210)   (15,360)
Prepaid expenses and other current assets   (240,316)   (60,682)
Related party receivable   10,578    - 
Goodwill   (1,238,735)   - 
Intangible assets   (230,000)   - 
Other long-term assets   10,631    - 
Accounts payable and other current liabilities   186,417    215,228 
Accounts payable related party   84,863    - 
Accrued liabilities   295,621    - 
Accrued interest   223,058    63,993 
Accrued payroll   (297,961)   124,486 
Deferred revenue   1,047,696    - 
Net cash used in provided in operating activities   (2,314,053)   (1,459,590)
           
INVESTING ACTIVITIES          
Investment in subsidiary   165,795    - 
Financing receivable extended   (1,211,522)   - 
Software   -    (92,746)
Net cash used in investing activities   (1,045,727)   (92,746)
           
FINANCING ACTIVITIES          
Assets acquired in acquisition   1,150,000    - 
Proceeds from issuance of preferred stock   100,000    125,000 
Proceeds from issuance of common stock   79,500    429,050 
Proceeds from issuance of stock in subsidiary   200,000    20,000 
Proceeds from issuance of stock subscription in subsidiary   30,000    - 
Proceeds from sale of minority interest   -    - 
Proceeds from notes payable   600,000    40,000 
Proceeds from convertible promissory notes   1,314,000    917,000 
Pay down of convertible promissory notes   (120,000)   - 
Net cash provided by financing activities   3,353,500    1,531,050 
           
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD  $27,849   $51,710 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD  $21,569   $30,424 
           
Supplemental disclosure of non cash transactions          
Conversion of notes payable and interest to common stock  $521,814   $- 
           
Cash paid for interest expense  $1,219   $2,130 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

6
 

 

ZENERGY BRANDS, INC.

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

NINE MONTHS ENDED SEPTEMBER 30, 2018

 

1. Organization – Nature of Operations

 

Zenergy Brands, Inc. (the “Company”, (“Zenergy”) or (“ZNGY”) was incorporated under the laws of the State of Nevada on July 28, 1999. As part of our rebranding and marketing efforts focused on our energy and smart controls business, our board of directors unanimously approved on October 18, 2017 the change of our corporate name to Zenergy Brands, Inc. from The Chron Organization, Inc. (“CHRO”)

 

Zenergy Brands, Inc. a business-to-business company, whose business platform is a combined offering of energy services and smart controls. Our business model is based upon the belief that these two aspects, combined with an ever-increasing commercial demand for more sustainable business practices will continue to be burgeoning trends. Historically, services such as electricity and natural gas have been provided by monopoly based companies; these legacy entities are in the business of selling commodity and related services and naturally, selling as much of these (kilo-watt-hours of electricity and thermal units of natural gas) as possible. However, the growing demand from commercial and municipal entities for responsible energy, more control and transparency, and overall sustainability, have proven to be at odds with the mission of these legacy entities. Zenergy offers a unique value proposition to commercial, industrial, and municipal customers whereby we offer a means to reduce their utility expenses anywhere from 20% up to 60% through energy-efficient and smart control products and services.

 

On April 3, 2018, Zenergy Power & Gas, Inc. (“ZP&G”), a Texas corporation formerly known as Zen Energy Inc., and a wholly-owned subsidiary of Zenergy Brands, Inc., a Nevada corporation (the “Company”) consummated the purchase of 87.37% of the issued and outstanding equity interests (the “Purchased Interests”) of Enertrade Electric, LLC, a Texas limited liability company (“Enertrade”), from Luccirelli & Gomez, LLC (“L&G”) and TCN Holdings, LLC (“TCN” and together with L&G, collectively, the “Sellers”) , pursuant to the terms and conditions of that certain Equity Interest Purchase Agreement, dated January 20, 2017, by and among ZP&G, Enertrade, the Sellers, and Genaro Gomez Castanares and Donnie Goodwin (the “Principals”), the principals of the Sellers (as amended by that certain First Amendment to Equity Interest Purchase Agreement dated March 20, 2017 and as further amended by that certain Second Amendment to Equity Interest Purchase Agreement dated October 31, 2017, collectively, the “Purchase Agreement”). ZP&G, Enertrade, the Sellers and the Principals are referred to collectively as the “Parties”.

 

The aggregate consideration paid by ZP&G for the Purchased Interests was $1,650,000 as adjusted for Enertrade’s closing date working capital, indebtedness and unpaid transaction costs, and consisted of (i) cash consideration of $500,000 which was paid at the closing and (ii) the delivery at the closing of an interest free promissory note in favor of the Sellers (the “Note”) with an original principal amount of $1,150,000.

 

2. Summary of Significant Accounting Policies

 

Principals of Consolidation – The accompanying consolidated financial statements include the accounts of the Company, and its subsidiaries Zen Technologies, Inc. and Zen Power & Gas, Inc., All significant intercompany transactions and balances have been eliminated.

 

Use of Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying financial statements include, among others, revenue recognition, allowances for doubtful accounts, valuation of long-lived assets, and deferred income tax asset valuation allowances.

 

The financial statements are presented on the basis of the Company’s ability to continue as a going concern. See further information in Note 3. Going Concern.

 

Cash and Cash Equivalents – The Company considers all highly-liquid investments with a maturity of three months or less, when purchased, to be cash equivalents.

 

Allowance for Doubtful Accounts - The determination of collectability of the Company’s accounts receivable requires management to make judgments and estimates in order to determine the appropriate amount of allowance needed for doubtful accounts. The Company’s allowance for doubtful accounts is estimated to cover the risk of loss related to accounts receivable. This allowance is maintained at a level that management considers appropriate based on historical trends of write-offs, recoveries and credit losses, aging of accounts, and projected economic and market conditions. Different assumptions or changes in the economic circumstances could result in changes to the allowance. Accounts deemed uncollectible are applied against the allowance for doubtful accounts. At April 2, 2018 and December 31, 2017, the allowance for doubtful accounts totals $27,510.

 

Revenue Recognition for Retail Electricity - The Company recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or services have been performed, the selling price is fixed or determinable, and collection is reasonably assured and there are no further obligations to customers. The Company recognizes upon delivery of electricity to a customer. The Company’s revenue relies upon Electric Reliability Council of Texas (“ERCOT”) settlement statements to determine the revenue based upon services delivered.

 

Prepaid Expenses – As of September 30, 2018, and December 31, 2017 prepaid expenses totaled $96,250 and $34,066, respectively. The balance of prepaid expenses consists of business insurance and rent related expenses.

 

Fair Value of Financial Instruments - The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of accounts receivable, financed receivables, prepaid and other current assets, and accounts payable and accrued expenses approximate the carrying amounts due to the relatively short maturity of these instruments. The carrying value of short- and long-term debt also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes.

 

7
 

 

Basic and Diluted Net Loss per Common Stock – Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The dilutive shares outstanding at September 30, 2018 and December 31, 2017 are as follows:

 

   September 30, 2018   December 31, 2017 
         
Related party convertible promissory notes   83,333,333    56,333,333 
Related Party Warrants   32,166,767    32,166,667 
Convertible promissory notes   1,375,004,658    299,860,000 
Warrants   78,161,000    19,161,000 
Diluted shares outstanding   1,568,665,758    407,521,000 

 

Income Taxes – The Company estimates its current tax position together with its future tax consequences attributable to temporary differences resulting from differing treatment of items, such as depreciation and other reserves for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities. Management must then assess the likelihood that its deferred tax assets will be recovered from future taxable income, prior year carryback, or future reversals of existing taxable temporary differences. To the extent management believes that recovery is unlikely, management establishes a valuation allowance against these deferred tax assets. Significant judgment is required in determining the Company’s provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance recorded against its deferred tax assets. At September 30, 2018 and December 31, 2017, the Company has recorded a tax liability of $6,100 at September 30, 2018 against its net deferred tax assets due to the uncertainty these assets will be used in the future. A charge in the amount of $204 was recorded in interest expense and offset to the deferred tax liability at September 30, 2018.

 

Sales-type Leasing and Related Revenue Recognition - The Company installs and leases energy equipment to its customer under a Managed Energy Services Agreement (“MESA”). The Company typically transfers ownership of the equipment to its customers at the end of the lease through a purchase option. The investment in these projects is recorded as an investment on sales-type leases in accordance with Financial Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, “Leases”, and its various amendments and interpretations. The Company finances energy efficiency projects. The sales and cost of sales are recognized upon completion of the installation of equipment. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs, if any. While revenue is recognized at the project completion date, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.

 

Financing Receivables – Finance receivables are receivables that the Company has the intent and ability to hold for the foreseeable future or until maturity, or receivables associated with an on-balance sheet securitization classified as secured financing. The financing receivables are reported at the principal amount outstanding, net of deferred interest and offset to deferred revenue. The Company manages the economic risks exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting the servicing and collection activities. The deferred revenue is amortized over the contractual life of the related finance receivable in accordance with FASB ASC 842. Finance receivables are classified as either short-term or long-term assets.

 

Software Development Costs – The Company capitalizes certain expenditures to the development of its software application. Capitalization begins when technological feasibility is established. Capitalized costs are amortized using the straight-line method over the estimated useful life of the developed product.

 

Beneficial Conversion Feature - The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force (“EITF”) 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature (“BCF”) of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved.

 

The BCF of a convertible note is measured by allocating a portion of the note’s proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.

 

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Classification - The Company had classified the beneficial conversion feature of the convertible notes as mezzanine equity on the consolidated balance sheets as the stock was contingently redeemable. Upon the occurrence of certain change in control events that are outside the Company’s control, including liquidation, sale or transfer of the Company, holders of the convertible preferred stock could cause redemption for cash. Pursuant to ASC 480-10-S99-3A, the SEC finds that a BCF should be separated from a convertible instrument and recorded in additional paid-in capital. However, Company’s filing with the SEC should present BCF as mezzanine equity in order to distinguish them from permanent equity. The balance sheet reflects the redeemable equity instruments as mezzanine equity separate from permanent equity.

 

New Pronouncements

 

Revenue from contracts with customers - In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”.

 

3. Going Concern

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This update is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and to provide related footnote disclosures in certain circumstances. This guidance is effective for fiscal years ending after December 15, 2016 and for interim periods thereafter. The Company adopted ASU 2014-15 as of the required effective date of December 31, 2016. The Company performed a working capital analysis as of September 30, 2018 and December 31, 2016 to determine whether or not this disclosure was appropriate and included the additional disclosure.

 

When evaluating the Company’s ability to meet its obligations, Management considered the current financial condition, including liquidity sources at the date that the financial statements were issued, the Company’s conditional and unconditional obligations due or anticipated within one year after the date that the financial statements were issued, funds necessary to maintain the Company’s operations considering its current financial condition, and other conditions and events, when considered in conjunction with the items pervious mentioned, that may adversely affect its ability to meet its obligations. The Company has concluded that there is substantial doubt about its ability to continue as a going concern for the nine months ended September 30, 2018 and year ended December 31, 2017.

 

Based on an analysis by the Company under ASU 2014-15, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year of the date of these financial statements. Consequently, the Company’s financial statements for the nine months ended September 30, 2018 and 2017 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of ($3,598,472) and ($2,164,422) for the nine months ended September 30, 2018 and 2017, respectively, and an accumulated deficit of ($8,564,668) at September 30, 2018. At September 30, 2018 and 2017 the Company had a working capital deficit of ($4,770,782) and ($2,154,380), respectively, and negative cash flow from continuing operating activity of ($2,314,053) and ($2,314,053), respectively, for the nine months ended September 30, 2018, and 2017.

 

The Company’s ability to continue as a going concern may be dependent on the success of management’s plan. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

During the 2018 fiscal year, the Company intends to continue its efforts to raise funds to support its efforts through the sale of equity and/or debt securities.

 

To the extent the Company’s operations are not sufficient to fund the Company’s capital requirements, the Company may attempt to enter into a revolving loan agreement with financial institutions or attempt to raise capital through the sale of additional capital stock or through the issuance of debt. At the present time, the Company does not have a revolving loan agreement with any financial institution.

 

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4. Finance Receivables

 

Finance receivables include sales-type leases arising from the Master Energy Sales Agreements (“MESA”) that the Company enters into with its customers. The receivables are collateralized by a security interest in the underlying assets. Finance receivables, net are related to the sales-type leases under ASC 842 (“Leases”), and are as follows at September 30, 2018:

 

Gross receivables sales  $2,062,543 
Deferred implied interest   (788,672)
Finance receivables, net   1,273,871 
Less current portion of finance receivables, net   (42,867)
Finance receivables due after one year  $1,231,004 

 

5. Notes Payable

 

On March 29, 2017, the Company entered into a promissory note agreement (the “March 2017 Promissory Note”) with a third-party in the amount of $40,000. The promissory note carries an interest rate of 10% per annum and had an original maturity date of May 15, 2017. The principal balance of the note at September 30, 2018 was $40,000, and accrued interest was $4,022. As additional consideration for entering into the note, the Company issued to the third-party note holder a warrant for the purchase of 1,000,000 shares of common stock in the Company, exercisable at two cents ($0.02) per share for a period of one year from the date of issue. The note maturity was extended to May 15, 2018 and additional warrants were issued allowing the holder to purchase an additional seventeen million (17,000,000) shares of the Company’s common stock. Terms of the warrant options are the same terms as the original warrant issued with the March 29, 2017 Note.

 

The Company determined the fair value of the warrants which resulted in a debt discount of $31,347 which was recorded as a reduction in carrying value of the March 2017 Promissory Note and offset in mezzanine equity. The balance of the debt discount for the warrants issued at September 30, 2018 was $13,936.

 

On March 26, 2018 the Company entered into a promissory note agreement (the “March 2018, Promissory Note”) with a third-party in the amount of $600,000. The promissory note carries an interest rate of 10% per annum. The principal balance, and accrued interest of the note at September 30, 2018 was $600,000, and $35,172, respectively. The maturity date of the promissory note is March 26, 2019.

 

6. Related Party Convertible Promissory Note

 

As of September 30, 2018 and December 31, 2017, the Company had an outstanding related party convertible promissory note of $205,000 and $169,000, respectively, with a maximum availability of $250,000 (the “Related Party Convertible Promissory Notes”). See Note 8. Related Party Transactions.

 

On November 20, 2015, the Company issued a Convertible Promissory Note to a related party (the “Related Party Convertible Promissory Note”). The Related Party Convertible Promissory Note accrues interest at a rate of 2% per annum. The principal balance under the Related Party Convertible Promissory Note at September 30, 2018, and December 31, 2017 was $205,000 and $169,000, respectively, and accrued interest was $11,693 and $8,021, respectively, and is due on December 31, 2018 at which time all unpaid principal and interest is due. The effective interest rate at September 30, 2018 was 114%.

 

The holder of the Related Party Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The Related Party Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The November 2015 Related Party Convertible Promissory Note is convertible at a $0.003 per share conversion price.

 

The Related Party Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $155,660 which was recorded as a reduction in carrying value of the Related Party Convertible Promissory Note and offset in mezzanine equity. At September 30, 2018, and December 31, 2017, the debt discount was $0.

 

In connection with the Related Party Convertible Promissory Note, the holder was issued a total of 32,166,667 warrants exercisable at $0.05 expiring in November 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $37,366 which was recorded as a reduction in carrying value of the Related Party Convertible Promissory Note and offset in mezzanine equity. At September 30, 2018 and December 31, 2017 the debt discount was $0.

 

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7. Convertible Promissory Notes and Warrants

 

Ziegler September 2016 Convertible Promissory Note

 

On September 6, 2016, the Company issued a Convertible Promissory Note totaling $300,000 to a third-party (the “September 2016 Convertible Promissory Note”). The September 2016 Convertible Promissory Note matures on September 5, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $300,000. The accrued interest balance at September 30, 2018 and December 31 2017, was $52,533 and $39,534, respectively. The effective interest rate at September 30, was 82%.

 

The holder of the Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 2016 Convertible Promissory Note is convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as seventy percent (70%) of the volume weighted average price over the prior ten (10) day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.02.

 

The September 2016 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $158,688 which was recorded as a reduction in carrying value of the September 2016 Convertible Promissory Note and offset in mezzanine equity. A charge to debt discount in the amount of $52,896 and $80,171 was expensed through interest expense during the nine months ended September 30, 2018 and year ended December 31, 2017, respectively. At September 30, 2018 the debt discount was $0.

 

In connection with the September 2016 Convertible Promissory Note, the holder was issued 6,000,000 warrants exercisable at $0.05 expiring in September 2018. The Company determined the fair value of the warrants which resulted in a debt discount of $30,117, recorded as a reduction to the carrying value of the September 2016 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 and December 31, 2017, $0 and $10,039, respectively.

 

Steffan –Ziegler November 2016 Convertible Promissory Notes

 

On November 25, 2016, the Company issued two Convertible Promissory Notes totaling $200,000 to third-parties (the “November 2016 Convertible Promissory Notes”). The November 2016 Convertible Promissory Notes mature on November 24, 2018, and accrues interest at a rate of 10% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $200,000. The accrued interest balance at September 30, 2018 and December 31, 2017 was $37,194 and $22,027, respectively. The effective interest rate at September 30, 2018 was 79%.

 

The holders of the November 2016 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The November 2016 Convertible Promissory Notes can be converted by the holders in part from time to time after the issuance date by submitting notice of conversion. The November 2016 Convertible Promissory Notes are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as seventy percent (70%) of the volume weighted average price over the prior ten (10) day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.02.

 

The November 2016 Convertible Promissory Notes contained beneficial conversion features which resulted in a debt discount of $99,123 which was recorded as a reduction in carrying value of the November 2016 Convertible Promissory Notes and offset in additional mezzanine equity. During the nine months ended September 30, 2018 and twelve months ended December 31, 2017 a charge to debt discount in the amount of $37,171 and $49,562 was expensed through interest expense, respectively. At September 30, 2018 and December 31, 2017, the debt discount was $8,260 and $45,431, respectively.

 

In connection with the November 2016 Convertible Promissory Notes, the holders were issued 4,000,000 warrants exercisable at $0.05 expiring in November 2019. The Company determined the fair value of the warrants which resulted in a debt discount of $13,409, recorded as a reduction to the carrying value of the November 2016 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 and December 31, 2017 was $803 and $5,832, respectively.

 

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Collision Capital, LLC March 15, 2017 Convertible Promissory Note

 

On March 17, 2017, the Company issued a Convertible Promissory Notes totaling $50,000 to a third-party (the “March 15, 2017 Convertible Promissory Note”). The March 15, 2017 Convertible Promissory Note matured on March 15, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $50,000. The accrued interest balance at September 30, 2018 and December 31, 2017 was $10,624 and $2,958, respectively.

 

Not less than three (3) days advance written notice (“Conversion Notice”), at any time or from time to time, six (6) months after the Closing, the Holder at its sole option, may convert the outstanding Principal Amount of this Note, or any portion of the Principal Amount hereof, and any accrued interest, in whole or in part, into shares of the common stock of the Company (the “Common Stock”). Any amount so converted will be converted into common stock of the Company at a price of 50% of the lowest closing price on the primary trading market on which the Company’s Common Stock is quoted for the five (5) trading days immediately prior to but not including the Conversion Date (“Conversion Price”).

 

Bellridge Capital, LP March 2017 Convertible Promissory Note

 

On March 17, 2017, the Company issued a Convertible Promissory Notes totaling $82,500 to a third-party (the “March 2017 Convertible Promissory Note”). The March 2017 Convertible Promissory Note matures on March 17, 2018, and accrues interest at a rate of 12% per annum. On January 9, 2018, the Company paid The March 17, 2017 Convertible Note in the amount of $82,500, with accrued interest of $8,167. In addition, the Company paid a prepayment penalty of $16,500.

 

The March 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $38,308 which was recorded as a reduction in carrying value of the March 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $8,168 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the March 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.03 expiring in March 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $2,951 recorded as a reduction to the carrying value of the March 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Bellridge Capital, LP April 2017 Convertible Promissory Note

 

On April 25, 2017, the Company issued a Convertible Promissory Notes totaling $82,500 to a third-party (the “April 2017 Convertible Promissory Note”). The April 2017 Convertible Promissory Note matured on April 25, 2018, and accrues interest at a rate of 12% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $82,500. The accrued interest balance at September 30, 2018 and December 31, 2017 was $14,290 and $6,781. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,500 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 85%.

 

The holder of the April 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The April 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The April 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.03 or sixty percent (60%) of the lowest closing price over the 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The April 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $55,632 which was recorded as a reduction in carrying value of the April 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,544 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

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In connection with the April 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.05 expiring in April 2020 (the “Warrants”). The Company determined the fair value of the warrants which resulted in a debt discount of $632 recorded as a reduction to the carrying value of the April 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $453.

 

Bellridge Capital, LP June 2017 Convertible Promissory Note

 

On June 20, 2017, the Company issued a Convertible Promissory Notes totaling $187,000 to a third-party for a purchase price of $170,000 (the “June 2017 Convertible Promissory Note”). The June 2017 Convertible Promissory Note matured on June 20, 2018, and accrues interest at a rate of 12% per annum. All unpaid principal and interest is due at maturity. As of June 30, 2018, and December 31, 2017 the outstanding principal was $187,000. The accrued interest balance at September 30, 2018, and December 31, 2017 was $28,712 and $11,927, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $18,700. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $9,350 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2017 was 131%.

 

The holder of the June 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The June 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The June 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.03 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The June 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $131,332 which was recorded as a reduction in carrying value of the April 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $65,666 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the June 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.03 expiring in June 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $6,665 recorded as a reduction to the carrying value of the June 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $3,888.

 

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Auctus Fund, LLC July 28, 2017 Convertible Promissory Note

 

On July 28, 2017, the Company issued a Convertible Promissory Note totaling $200,000 to a third-party for a purchase price of $195,000 (the “July 28, 2017 Convertible Promissory Note”). The July 28, 2017 Convertible Promissory Note matured on April 28, 2018, and accrues interest at a rate of 10% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $82,432 and $141,373, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $5,464 and $1,425, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $1,577 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 121%.

 

The holder of the July 28, 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 28, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 28, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.04 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $58,941 of the outstanding principal balance, and $8,954 of accrued interest into 43,500,000 shares of Class A Common Stock.

 

The July 28, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $136,699 which was recorded as a reduction in carrying value of the July 28, 2017 Convertible Promissory Note and offset in additional paid in capital. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $51,764 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the July 28, 2017 Convertible Promissory Note, the holder was issued 666,000 warrants exercisable at $0.03 expiring in July 2022. The Company determined the fair value of the warrants which resulted in a debt discount of $3,366 recorded as a reduction to the carrying value of the June 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $2,015.

 

Morningview Financial, LLC July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $105,000 to a third-party for a purchase price of $100,000 (the “July 31, 2017 Convertible Promissory Note”). The July 31, 2017 Convertible Promissory Notes matures on July 31, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $39,983 and $105,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $8,846 and $4,401, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,158 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 163%.

 

The holder of the July 31, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 31, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 31, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of the lower of $0.03 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $52,017 of the outstanding principal balance into 35,150,726 shares of Class A Common Stock.

 

The July 31, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $70,000 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $35,933 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

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2 Plus 2, LLC. July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 2 Plus 2 Convertible Promissory Note”). The July 31, 2017 2 Plus 2 Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $12,233. The accrued interest balance at September 30, 2018 and December 31, 2017 was $1,562 and $838. In addition, the Company recorded an original issue discount (OID) in the amount of $2,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $525 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, was 285%.

 

The holder of the July 31, 2017 2 Plus 2 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 31, 2017 2 Plus 2 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 31, 2017 2 Plus 2 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The July 31, 2017 2 Plus 2 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $20,820 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $5,100 was recorded through interest expense. At September 30, 2018, the debt discount was $0

 

In connection with the July 31, 2017 2 Plus 2 Convertible Promissory Note, the holder was issued 250,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $4,180 recorded as a reduction to the carrying value of the July 31, 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $1,063.

 

L&H Inc. July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 L&H Convertible Promissory Note”). The July 31, 2017 L&H Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. On January 17, 2018, the Company paid the July 31, 2017 Convertible Note in the amount of $25,000, with accrued interest of $939. In addition, the Company paid a prepayment penalty of $2,594.

 

The July 31, 2017 L&H Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $20,820 which was recorded as a reduction in carrying value of the July 31, 2017 L&H Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $12,145 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

15
 

 

In connection with the July 31, 2017 L&H Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.035 expiring in August 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $4,180 recorded as a reduction to the carrying value of the July 31, 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Greentree Financial Group, Inc. August 1, 2017 Convertible Promissory Note

 

On August 1, 2017, the Company issued a Convertible Promissory Notes totaling $75,000 to a third-party for a purchase price of $67,500 (the “August 1, 2017 Convertible Promissory Note”). The August 1, 2017 Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $53,650, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $2,515, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,700 through interest expense. The balance of the OID discount at September 30, 2018 was $0.

 

The holder of the August 1, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The August 1, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The August 1, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $53,650 of the outstanding principal balance, and $8,077 of accrued interest into 48,092,968 shares of Class A Common Stock.

 

The July 31, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $46,291 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $24,303 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the July 31, 2017 Convertible Promissory Note, the holder was issued 4,250,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $28,709 recorded as a reduction to the carrying value of the July 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Additionally, the Company issued a $25,000 convertible promissory note for consulting services to be provided by Greentree Financial Group under a Financial Advisory Agreement (the “FAA July 2017 Convertible Promissory Note”). The FAA July 2017 Convertible Promissory Note has an annual interest rate of eight percent (8%) and is due on July 31, 2018. All unpaid principal and interest is due at maturity. The holder has the right, at any time, to convert all or a portion of the note into shares of common stock of the Company at the conversion price. The per shares conversion price is equal to the lesser of $0.03 or the lowest per share trading price for the 20-day trading period multiplied by sixty-percent (60%); however, the conversion shall not be less than $0.001. As of September 30, 2018 and December 31, 2017 the outstanding principal was $0, and $25,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $838, respectively. During the nine months ended September 30, 2018 the holder of the Note converted $25,000 of the outstanding principal balance, and $6,638 of accrued interest into 15,508,824 shares of Class A Common Stock.

 

The July FAA July 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $16,667 which was recorded as a reduction in carrying value of the FAA July 2017 Convertible Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $9,723 was recorded through interest expense. At September 30, 2018 the debt discount was $0.

 

JSJ Investments, Inc. September 2017 Convertible Promissory Note

 

On September 20, 2017, the Company issued a Convertible Promissory Note totaling $110,000 to a third-party for a purchase price of $105,000 (the “September 2017 Convertible Promissory Note”). The September 2017 Convertible Promissory Note matured on June 20, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $15,000 and $110,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $7,378 and $3,074, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $3,188 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 110%.

 

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The holder of the September 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.02 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $95,000 of the outstanding principal balance into 77,000,850 shares of Class A Common Stock.

 

The September 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $73,333 which was recorded as a reduction in carrying value of the September 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $41,575 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

Vista Capital Investments, LLC October 2, 2017 Convertible Promissory Note

 

On October 2, 2017, the Company issued a Convertible Promissory Notes totaling $220,000 to a third-party for a purchase price of $200,000 (the “October 2, 2017 Convertible Promissory Note”). The October 2, 2017 Convertible Promissory Note matures on October 2, 2019, and accrues interest at a one-time interest charge rate of 8%. In addition, the Company agreed to issue the holder of the October 2, 2017 Convertible Promissory Note 3,000,000 commitment shares to induce the holder to enter into the Purchase Agreement. As of September 30, 2018 and December 31, 2017, the outstanding principal was $121,000 and $220,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $26,842 and $17,600, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $20,000. During the nine months September 30, 2018 a charge to the OID debt discount was recorded in the amount of $5,000 through interest expense. The balance of the OID discount at September 30, 2018 was $10,000. The effective interest rate at September 30, 2018 was 78%.

 

The holder of the October 2, 2017 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The October 2, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The October 2, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as $0.015. During the nine months ended September 30, 2018 the holder of the Note converted $99,000 of the outstanding principal balance into 109,964,727 shares of Class A Common Stock.

 

The October 2, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $101,200 which was recorded as a reduction in carrying value of the October 2, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $37,950 was recorded through interest expense. At September 30, 2018, the debt discount was $50,600.

 

Crown Bridge Partners, LLC November 2017 Convertible Promissory Note

 

On May 31, 2017, the Company issued a Convertible Promissory Notes totaling $46,000 to a third-party for a purchase price of $40,000 (the “November 2017 Convertible Promissory Note”). The November 2017 Convertible Promissory Note matures on November 13, 2018, and accrues interest at a rate of 5% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $46,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $302, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $6,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $6,000 through interest expense. The balance of the OID discount at September 30, 2018 was $0.

 

The holder of the May 31, 2017 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The May 31, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The May 31, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as $0.015. During the nine months ended September 30, 2018 the holder of the Note converted $46,000 of the outstanding principal balance, and $1,488 of accrued interest into 45,585,196 shares of Class A Common Stock.

 

The November 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $34,303 which was recorded as a reduction in carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $28,475 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

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In connection with the November 2017 Convertible Promissory Note, the holder was issued 920,000 warrants exercisable at $0.05 expiring in November 2022 (the “Warrants”). The Company determined the fair value of the warrants which resulted in a debt discount of $11,697 recorded as a reduction to the carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Power Up Lending Group, Ltd. November 13, 2017 Convertible Promissory Note

 

On November 13, 2017, the Company issued a Convertible Promissory Notes totaling $68,000 to a third-party (the “November 13, 2017 Convertible Promissory Note”). The July 31, 2017 Convertible Promissory Note matures on August 20, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $68,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $1,073, respectively.

 

The holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default , each in respect of the remaining outstanding principal amount of this note to convert all or any part of the outstanding and unpaid principal amount of this note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the holder be entitled to convert any portion of this note in excess of that portion of this note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this provision is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.

 

The Conversion Price shall be equal to: (A) if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. During the nine months ended September 30, 2018 the holder of the Note converted $68,000 of the outstanding principal balance, and $3,085 of accrued interest into 31,647,981 shares of Class A Common Stock.

 

The November 13, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $43,475 which was recorded as a reduction in carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $36,229 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

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EMA Financial, LLC December 13, 2017 Convertible Promissory Note

 

On December 13, 2017, the Company issued a Convertible Promissory Notes totaling $137,500 to a third-party for a purchase price of $125,000 (the “December 13, 2017 Convertible Promissory Note”). The December 13, 2017 Convertible Promissory Note matures on December 13, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $99,170 and $137,500, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $12,231 and $814, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $12,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $4,000 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 132%.

 

The holder of the December 13, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The conversion price shall equal the lower of: (i) the closing sale price of the Common Stock on the Principal Market on the Trading Day immediately preceding the Closing Date, and (ii) 60% of either the lowest sale price for the Common Stock on the Principal Market during the twenty (20) consecutive Trading Days including and immediately preceding the Conversion Date, or the closing bid price, whichever is lower, provided, however, if the Company’s share price at any time loses the, then the Conversion Price may, in the holder’s sole and absolute discretion, be reduced to a fixed conversion price of 0.00001. The Company may prepay the EMA note subject to a prepayment factor. The prepayment factor shall equal one hundred and fifty percent (150%), provided that such Prepayment factor shall equal one hundred and thirty five percent (135%) if the optional prepayment date occurs on or before the date which is ninety (90) days following the issue date. During the nine months ended September 30, 2018 the holder of the Note converted $38,330 of the outstanding principal balance into 60,000,000 shares of Class A Common Stock.

 

The December 13, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $91,667 which was recorded as a reduction in carrying value of the December 13, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $68,751 was recorded through interest expense. At September 30, 2018, the debt discount was $15,278.

 

RB Capital Partners, Inc. 2017 Convertible Promissory Notes

 

As of September 30, 2018 and December 31, 2017, the Company had outstanding $1,092,500 and $75,000, respectively, of unsecured convertible commercial promissory notes (the RB Capital Partners, Inc. 2017 Convertible Promissory Notes). The notes have a maturity of one year from the time of issuance and accrue interest at the rate of 12%. The accrued interest on the RB Capital Partners, Inc. Convertible Promissory Notes at September 30, 2018 and December 31, 2017 was $91,103 and $740, respectively. The effective interest rate at September 30, 2018 was 1212%.

 

On November 17, 2017 the Company issued a Convertible Promissory Note in the Amount of $25,000. The Convertible Promissory Note (the “Note”) bears twelve percent (12%) interest per annum. The Note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The November 17, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the November 17, 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167. During the nine months ended September 30, 2018 the Company paid down $12,500 towards the principal balance.

 

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On December 1, 2017, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The December 1, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the December 1, 2017 Convertible Promissory Note and offset in in mezzanine equity During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On December 15, 2017, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On January 2, 2018, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2017 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On January 8, 2018, the Company issued a Convertible Promissory Note in the Amount of $150,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $150,000 which was recorded as a reduction in carrying value of the January 8, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $79,167 was recorded through interest expense. The debt discount at September 30, 2018 was $58,333.

 

On January 12, 2018, the Company issued a Convertible Promissory Note in the Amount of $150,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $150,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $79,167 was recorded through interest expense. The debt discount at September 30, 2018 was $58,333.

 

20
 

 

On January 29, 2018, the Company issued a Convertible Promissory Note in the Amount of $30,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $30,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $16,250 was recorded through interest expense. The debt discount at September 30, 2018 was $11,250.

 

On February 6, 2018, the Company issued a Convertible Promissory Note in the Amount of $100,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The February 6, 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $100,000 which was recorded as a reduction in carrying value of the On February 6, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $45,833 was recorded through interest expense. The debt discount at September 30, 2018 was $45,833.

 

On February 20, 2018, the Company issued a Convertible Promissory Note in the Amount of $115,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $115,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $42,500 was recorded through interest expense. The debt discount at September 30, 2018 was $62,917.

 

On March 5, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock.. The Note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On March 5, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2017 a charge to debt discount in the amount of $29,167 was recorded through interest expense. The debt discount at September 30, 2018 was $39,583.

 

On March 15, 2018, the Company issued a Convertible Promissory Note in the Amount of $60,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $60,000 which was recorded as a reduction in carrying value of the On March 15, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $24,167 was recorded through interest expense. The debt discount at September 30, 2018 was $30,833.

 

On April 2, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On April 2, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $37,500 was recorded through interest expense. The debt discount at September 30, 2018 was $37,500.

 

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On April 11, 2018, the Company issued a Convertible Promissory Note in the Amount of $50,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On April 11, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $25,000 was recorded through interest expense. The debt discount at September 30, 2018 was $25,000.

 

On May 3, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On May 3, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the six months ended September 30, 2018 a charge to debt discount in the amount of $31,250 was recorded through interest expense. The debt discount at September 30, 2018 was $43,750.

 

On May 14, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On May 14, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $31,250 was recorded through interest expense. The debt discount at September 30, 2018 was $43,750.

 

On May 30, 2018, the Company issued a Convertible Promissory Note in the Amount of $50,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $50,000 which was recorded as a reduction in carrying value of the On May 14, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $16,667 was recorded through interest expense. The debt discount at September 30, 2018 was $33,333.

 

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Power Up Lending Group, Ltd. April 2, 2018 and May 22, 2018 Convertible Promissory Note

 

On April 2, 2018, the Company issued a Convertible Promissory Notes totaling $53,000 to a third-party (the “April 2018 Convertible Promissory Note”). The April 2018 Convertible Promissory Note matures on January 20, 2019, and accrues interest at a rate of 12% per annum. As of September 30, 2018, the outstanding principal was $53,000. The accrued interest balance at September 30, 2018 was $3,728. The effective interest rate at September 30, 2018 was 114%.

 

On May 22, 2018, the Company issued a Convertible Promissory Notes totaling $45,000 to a third-party (the “May 2018 Convertible Promissory Note”). The May 2018 Convertible Promissory Note matures on March 1, 2019, and accrues interest at a rate of 12% per annum. As of September 30, 2018, the outstanding principal was $45,000. The accrued interest balance at September 30, 2018 was $2,278. The effective interest rate at September 30, 2018 was 114%.

 

The holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default , each in respect of the remaining outstanding principal amount of this note to convert all or any part of the outstanding and unpaid principal amount of this note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the holder be entitled to convert any portion of this note in excess of that portion of this note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this provision is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.

 

The Conversion Price shall be equal to: (A) if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. During the nine months ended September 30, 2018 the holder of the Note converted $68,000 of the outstanding principal balance, and $3,085 of accrued interest into 31,647,981 shares of Class A Common Stock.

 

The April 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $35,333 which was recorded as a reduction in carrying value of the April 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $26,500 was recorded through interest expense. At September 30, 2018, the debt discount was $8,833.

 

The May 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $30,000 which was recorded as a reduction in carrying value of the May 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $15,000 was recorded through interest expense. At September 30, 2018, the debt discount was $14,860.

 

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2 Plus 2, LLC. September 4, 2018 Convertible Promissory Note

 

On September 4, 2018 the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 2 Plus 2 Convertible Promissory Note”). The September 4, 2018 2 Plus 2 Convertible Promissory Note matures on September 4, 2019, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018, the outstanding principal was $25,000. The accrued interest balance at September 30, 2018 was $121. In addition, the Company recorded an original issue discount (OID) in the amount of $2,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $208 through interest expense. The balance of the OID discount at September 30, 2018 was $2,292. The effective interest rate at September 30, 2018, was 285%.

 

The holder of the September 4, 2018 2 Plus 2 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 4, 2018 2 Plus 2 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 4, 2018 2 Plus 2 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The September 4, 2018 2 Plus 2 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $16,211 which was recorded as a reduction in carrying value of the September 4, 2018 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $1,351 was recorded through interest expense. At September 30, 2018, the debt discount was $14,860

 

In connection with the July 31, 2017 2 Plus 2 Convertible Promissory Note, the holder was issued 12,500,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $8,789 recorded as a reduction to the carrying value of the September 4, 2018 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $8,137.

 

Greentree Financial Group, Inc. September 27, 2018 Convertible Promissory Note

 

On September 27, 2018, the Company issued a Convertible Promissory Notes totaling $75,000 to a third-party for a purchase price of $67,500 (the “September 27, 2018 Convertible Promissory Note”). The September 27, 2018 Convertible Promissory Note matures on September 27, 2019, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018, the outstanding principal was $75,000. The accrued interest balance at September 30, 2018 and was $1,426. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $542 through interest expense. The balance of the OID discount at September 30, 2018 was $6,958.

 

The holder of the September 27, 2018 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 27, 2018 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 27, 2018 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

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The September 27, 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $58,369 which was recorded as a reduction in carrying value of the September 27, 2018 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $4,864 was recorded through interest expense. At September 30, 2018, the debt discount was $59,505.

 

In connection with the September 27, 2018 Convertible Promissory Note, the holder was issued 37,500,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $8,369 recorded as a reduction to the carrying value of the September 27, 2018 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $6,958.

 

Convertible Promissory Note Summary

 

The fair value of the embedded beneficial conversion features and the fair value of the warrants underlying the Convertible Promissory Notes were calculated pursuant to the Black-Scholes Model. The following table summarizes the carrying value of the Convertible Promissory Note as of September 30, 2018 and December 30, 2017:

 

   September 30, 2018   December 31, 2017 
         
Convertible Promissory Note  $2,479,818   $1,854,106 
Less: debt discount   (649,013)   (142,523)
Less: warrants   (24,756)   (60,994)
Less: OID   (20,583)   - 
Total net carrying value  $1,785,466   $1,650,589 

 

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8. Income Taxes

 

No provision for federal income taxes has been recognized for the nine months ended September 30, 2018 and twelve months ended December 31, 2017, as the Company has a net operating loss carry forward for income tax purposes available in each period. Additionally, it is uncertain if the Company will have taxable income in the future, so a valuation allowance has been established for the full value of net deferred tax assets. The deferred tax asset consists of net operating loss carry forwards and a cumulative deferral of tax deductions under the Cash Basis of Accounting, which the Company utilizes for tax purposes.

 

At September 30, 2017 and December 31, 2017, the Company has net operating loss carryforwards, of, $1,592,772 and $910,671, respectively for federal income tax purposes. This net operating loss carry forwards may be carried forward in carrying amounts until 2037 and may be limited in their use due to significant changes in Company’s ownership.

 

   9/30/2018   12/31/2017 
Net Operating Loss Carryforwards   1,592,772    910,671 
Accrual to Cash Accounting Differences   269,136    197,175 
Intangibles   (5,795)   - 
Less: Valuation Allowance   (1,861,908)   (1,107,847)
           
Net Deferred Tax Asset / (Liability)   (5,795)   - 
           
Current Federal & State Tax Provision   -      
Deferred Federal & State Tax Provision   305      
           
Total Tax Provision   305      

 

9. Shareholder Deficit

 

The Company currently has an equity line of credit with Bellridge Capital, LLC whereas upon certain terms and conditions the Company has the right to issue and sell up to $2,500,000 worth of shares of the Company’s common Stock. During the nine months ended September 30, 2018 the Company drew down $79,500 on the equity line of credit and issued Bellridge Capital, LLC 27,083,334 shares of the Company’s Class A Common Stock.

 

During the nine months ended September 30, 2018, the Company issued 68,590,323 shares of Class A Common Stock for third-party services rendered. The fair market value of the services rendered were $277,490.

 

On May 31, 2017 the Company issued a Common Stock Purchase Warrant agreement to Crown Bridge Partners, LLC. During the nine months ended September 30, 2018 the Company issued 35,344,129 Class A Common Stock (“Warrant Shares”) to Crown Bridge Partners, LLC.

 

On September 5, 2018 the Company issued 7,867,834 Class A Common stock to a third-party for at the fair market price of $0.0006.

 

During the nine months ended September 30, 2018 there were 181,333,333 shares issued to Cede and Company, a specialist United States financial institution that processes transfers of stock certificates on behalf of Deposit Trust Company.

 

On June 1, 2018 the Company issued a 6.7% equity interest into one of its subsidiaries, Zenergy Power & Gas, Inc (ZP&G). ZP&G will have the right to re-purchase the 6.7% from anytime within the first 18 months at a price of 105% of the Share Purchase Agreement At no time during the initial eighteen months can the Holder sell, transfer, assign, will, or otherwise relinquish his control or rights to the 6.7% ownership into ZP&G

 

On June 25, 2018 the Company issued 100,000 Preferred Class A Shares to a third party for an equity contribution of $100,000. The maturity date of the agreement is December 25, 2018. The Company will have the right, at its sole discretion, to re-purchase the Preferred Shares at 120% of the Purchase Price, any time during the Term. In addition, 2,000,000 Warrant Cashless Share were issued to the Investors with a strike price of $0.01 per share (Common Shares). The Warrants have an expiration date of one year.

 

10. Contingencies

 

In the ordinary course of conducting its business, the Company may be subject to loss contingencies including possible disputes and lawsuits. Management believes that any outcome of such contingences will not have a material impact on the Company’s financial position or results of future operations.

 

11. Subsequent Events

 

The board of directors unanimously approved on July 30, 2018 to increase the authorized Class A Common Stock from 4,200,000,000 shares to 5,200,000,000 shares, which such shares will be issuable on such terms and conditions as the board of directors may determine from time to time. Subsequent to our board of directors’ approval of these amendments, the holders of a majority of the voting power of our voting stock, on July 30, 2018 approved, by written consent, the amendments. The consenting stockholders and their respective approximate ownership percentages of our voting stock totaled an aggregate of 65% of the outstanding voting stock.

 

Pursuant to Rule 14c-2 promulgated under the Exchange Act, the amendments discussed above will not be effected until at least 20 calendar days after the mailing of an Information Statement to the stockholders of the Company. The amendments have been filed with the Nevada Secretary of State.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management’s plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results.

 

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

The following discussion should be read in conjunction with our consolidated financial statements and the related notes that appear elsewhere in this quarterly report on Form 10-Q.

 

Introduction

 

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to provide certain details regarding the Company’s financial condition as of September 30, 2018, and the results of operations for the three months, and nine months ended September 30, 2018. It should be read in conjunction with the unaudited financial statements and notes thereto contained in this report as well as the audited financial statements included in the Company’s Annual Report for the fiscal year ended December 31, 2017 included in the Company’s Form 10, filed with the SEC.

 

Business Overview

 

The following is a summary of some of the information contained in this document. Unless the context requires otherwise, references in this document to “our Company,” “us,” “we,” “our,” “Zenergy,” or the “Company” are to Zenergy Brands, Inc.

 

We are a business-to-business company, whose business platform is a combined offering of energy services and smart controls. Our business model is based upon the belief that these two aspects, combined with an ever-increasing commercial demand for more sustainable business practices will continue to be burgeoning trends. Historically, services such as electricity and natural gas have been provided by monopoly based companies; these legacy entities are in the business of selling commodity and related services and naturally, selling as much of these (kilo-watt-hours of electricity and thermal units of natural gas) as possible. In some cases, it has been this way for nearly a century. However, the growing demand from commercial and municipal entities for responsible energy, more control and transparency, and overall sustainability, have proven to be at odds with the mission of these legacy entities. Zenergy offers a unique value proposition to commercial, industrial, and municipal customers whereby we offer a means to reduce their utility expenses anywhere from 20% up to 60% through energy-efficient and smart control products and services.

 

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Toward making our claim in the marketplace, we have built a service offering that we have deemed “Energy as a Service” and/or “Sustainability as a Service”. We also have plans to complement this offering by launching a “Retail Energy Platform” that, when combined, are expected to position us to become a provider of a unique suite of energy usage and management products and services to commercial, industrial, and municipal end-use customers which we refer to as “target customers”. Currently, we (i) provide energy brokerage and procurement services, (ii) sell commercial energy conservation equipment, load factor improvement technologies, HVAC & Refrigeration based technologies, LED lighting and lighting controls, and (iii) plan to sell commercial energy utility services following the completion of our planned acquisition of Enertrade Electric, LLC (“Enertrade”), a Texas based Retail Electric Provider as further discussed below.

 

The foundation of our unique selling proposition is based on our Zero Cost Program. This is a turnkey solution that enables our target customers to upgrade their older, inefficient customer premise equipment and assets, allowing for installation of energy-efficient retrofits such as HVAC and refrigeration motor controllers, load factor improvement technologies, building-envelope-based technologies, weatherization-based technologies, smart controls, and LED lighting, all at no up-front cost to them. The Zero Cost Program will be facilitated through an industry standard agreement referred to as a Managed Energy Services Agreement (“MESA”). Under the MESA, Zenergy will be obligated to develop, arrange financing for, install and maintain all energy efficiency measures and equipment installed by Zenergy. Zenergy will retain ownership of all installed equipment. The minimum term of the MESA is expected to be five years with an expected average of seven years. Under the terms of the MESA, our customers will be obligated to pay us a portion of their savings in utility costs following the installation of our equipment; these are referred to as “Service Payments”. Service Payments are expected to be fixed payments made on a monthly basis over the term of the agreement from the customer to Zenergy and these payments are expected to scale down over the term of the MESA, allowing the customer to reap more and more of the dollar savings from the respective utility company each year.

 

Effectuating a successful MESA will require us to implement credit review and standard underwriting procedures. This process includes, but is not limited to, the following: standard credit screening provided by credit reporting agencies (i.e. Experian), business profile reports from Dun & Bradstreet, review of trade credit and references, confirmation that client has been in operation for greater than 10 years, and our proprietary review and assessment of historical accounting records and industry landscape. In order for Zenergy to effectively market, sell, and implement MESAs, Zenergy must utilize third-party financing entities to provide project and strategic financing toward fulfilling its working capital requirements to acquire and install the equipment required under the MESA. For this reason, we engaged in discussions with advisors and investment banks for the purpose of procuring a long-term and scalable financing solution for this aspect of our business.

 

We do not know whether we will be able to successfully implement our business strategy or whether our business strategy will ultimately be successful. Our growth strategy is largely dependent on our ability to secure project financing for the Zero Cost contracts currently in our pipeline and develop synergies within our business platform.

 

On April 3, 2018, Zenergy Power & Gas, Inc. (“ZP&G”), a Texas corporation formerly known as Zen Energy Inc., and a wholly-owned subsidiary of Zenergy Brands, Inc., a Nevada corporation (the “Company”) consummated the purchase of 87.37% of the issued and outstanding equity interests (the “Purchased Interests”) of Enertrade Electric, LLC, a Texas limited liability company (“Enertrade”), from Luccirelli & Gomez, LLC (“L&G”) and TCN Holdings, LLC (“TCN” and together with L&G, collectively, the “Sellers”) , pursuant to the terms and conditions of that certain Equity Interest Purchase Agreement, dated January 20, 2017, by and among ZP&G, Enertrade, the Sellers, and Genaro Gomez Castanares and Donnie Goodwin (the “Principals”), the principals of the Sellers (as amended by that certain First Amendment to Equity Interest Purchase Agreement dated March 20, 2017 and as further amended by that certain Second Amendment to Equity Interest Purchase Agreement dated October 31, 2017, collectively, the “Purchase Agreement”). ZP&G, Enertrade, the Sellers and the Principals are referred to collectively as the “Parties”.

 

The aggregate consideration paid by ZP&G for the Purchased Interests was $1,650,000 as adjusted for Enertrade’s closing date working capital, indebtedness and unpaid transaction costs, and consisted of (i) cash consideration of $500,000 which was paid at the closing and (ii) the delivery at the closing of an interest free promissory note in favor of the Sellers (the “Note”) with an original principal amount of $1,150,000.

 

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Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017

 

The following comparative analysis on results of operations was based primarily on the comparative financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the consolidated financial statements and the notes to those financial statements that are included elsewhere in this Form 10-Q. For comparative purposes, we are comparing the nine months ended September 30, 2018, to the nine months ended September 30, 2017.

 

Revenue. Total revenue was $1,206,534 for the nine months ended September 30, 2018 compared to $23,585 for the nine months ended September 30, 2017. The increase is primarily a result of the Company’s launch of its Managed Energy Services (zero cost projects). The zero cost projects made up approx. $420,000 of revenue in the nine months ended September 30, 2018, and the remainder was primarily from the retail electricity provider acquisition were approximately $735,000 in revenues. The remainder revenues for the nine months ended September 30, 2017 were primary home automation subscription revenue.

 

Cost of goods sold and Gross Profit (loss). Our cost of goods sold for the nine months ended September 30, 2018 of $973,457 compared to $25,570 for the nine months ended September 30, 2017. The increase is a result of increases in our sales from zero cost projects as well as from our Retail Electric Provider Company. Our gross profit (loss) for the nine months ended September 3, 2018 was $233,077 compared to ($1,985) for the nine months ended September 30, 2017. The increases are a result of increases in our sales from both the zero cost projects and the electric business. The gross profit for the nine months ended September 30, 2018 for the zero cost projects was approximately $146,000, and the electricity business had a gross profit of approximately $60,000.

 

Selling, general and administrative expenses. Total selling, general and administrative expenses were $2,570,309 and $1,790,696 for the nine months ended September 30, 2018 and 2017, respectively. The increase is primarily attributable to increases in selling, general and administrative expenses associated with the development of our MESA product and service offering and ramping up our sales efforts, consisting primarily of increases in contractor and consulting expense of $240,000, rent of $5,000, and service charges relate to debt of $110,500. In addition to these increases the Company saw an increase in costs associated to the electricity business. The increase in costs for Zenergy Power & Gas was approximately $377,000. These costs were attributed to acquiring Enertrade Electric, LLC, as well as all the operating expenses from April through September 30, 2018 that were non-existent in the nine months ended September 30, 2017.

 

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Loss from operations and net loss. Loss from operations and net loss were ($2,337,232) and ($3,598,472), and ($1,799,712) and ($2,164,422) for the nine months ended September 30, 2018 and 2017, respectively. The increase is primarily attributable to an increase in operating expenses, other expenses cost of goods sold, partially offset by an increase in revenues. The increase in net losses is primarily attributed to approximately ($1,150,000) in interest expense, and ($52,000) in extinguishment of debt for the nine months ended September 30, 2018 when compared to 2017.

 

Three Months Ended September 30, 2018 Compared to Three Months Ended September 30, 2017

 

The following comparative analysis on results of operations was based primarily on the comparative financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the consolidated financial statements and the notes to those financial statements that are included elsewhere in this Form 10-Q. For comparative purposes, we are comparing the three months ended September 30, 2018, to the three months ended September 30, 2017

 

Revenue. Total revenue was $440,479 for the three months ended September 30, 2018 compared to $13,460 for the three months ended September 30, 2017. The increase is primarily a result of the Company’s launch of its Managed Energy Services (zero cost projects). The zero cost projects made up approx. $4,431 of revenue in the three months ended September 30, 2018, and the remainder was primarily from the retail electricity provider acquisition were approximately $417,000 in revenues. The revenues for the three months ended September 30, 2017 were primary home automation subscription revenue.

 

Cost of goods sold and Gross Profit. Our cost of goods sold for the three months ended September 30, 2018 of $410,027 compared to $3,450 for the three months ended September 30, 2017. The increase is a result of increases in our sales from zero cost projects as well as from our Retail Electric Provider Company. Our gross profit for the three months ended September 30, 2018 was $30,452 compared to $10,010 for the three months ended September 30, 2017. The increases are a result of increases in our sales from both the zero cost projects and the electric business. The gross profit for the three months ended September 30, 2018 for the zero cost projects was approximately $4,431, and the electricity business had a gross profit of approximately $21,771.

 

Selling, general and administrative expenses. Total selling, general and administrative expenses were $653,659 and $645,384 for the three months ended September 30, 2018 and 2017, respectively. The increase was not significant from period to period. However the costs associated to 2017 were primarily attributed to selling, general and administrative expenses associated with the development of the home automation and service offering, and increased effort in sales and marketing efforts consisting of salary, contractor and consulting expense, and rent. The costs associate to 2018 consist of selling, general and administrative expenses from the electricity business in the amount of approximately $257,400 while the remaining expenses are attributed to the zero costs program of the Company

 

30
 

 

Loss from operations and net loss. Loss from operations and net loss were ($632,207) and ($1,104,699), and ($635,374) and ($832,469) for the three months ended September 30, 2018 and 2017, respectively. The increase is primarily attributable to an increase in operating expenses, other expenses cost of goods sold, partially offset by an increase in revenues. The increase in net losses is attributed to approximately $248,000 net loss from the electricity division of the Company for the three months ended September 30, 2018 when compared to 2017.

 

Liquidity and Capital Resources. Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. We had a working capital deficit of ($4,770,782) as of September 30, 2018 compared to a working capital deficit of ($2,154,380) as of December 31, 2017 primarily as a result of an increase in borrowings, subscription liabilities, accounts payables and accrued payroll. Working capital consisted of total current assets of $540,554 offset by current liabilities of $5,311,336 as of September 30, 2018 and total current assets of $83,990 offset by current liabilities of $2,238,370 as of December 31, 2017.

 

Net cash flow used in operating activities was ($2,314,053) for the nine months ended September 30, 2018 as compared to net cash flows provided in operating activities of ($1,459,590) for the nine months ended September 30, 2017. Net cash flow used in investing activities was ($1,045,727) for the nine months ended September 30, 2018 as compared to ($92,746) for the nine months ended September 30, 2017.

 

Our primary source of liquidity has been proceeds from the issuance of debt securities and equity securities. Net cash provided by financing activities was $3,353,500 for the nine months ended September 30, 2018 as compared to $1,531,050 for the nine months ended September 30, 2017. During the nine months ended September 30, 2018, we received $79,500 from the sale of common stock, $1,314,000 from proceeds from convertible promissory notes, $30,000 from proceeds for a stock subscription, and $100,000 from the sale of preferred stock, and $200,000 from the sale of stock in a subsidiary company.

 

Cash Requirements

 

Our management does not believe that our current capital resources will be adequate to continue operating our company and maintaining our business strategy for more than 12 months. Accordingly, we will have to raise additional capital in the near future to meet our working capital requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, if and when it is needed, we will be forced to scale down or perhaps even cease the operation of our business. We are also obligated to pay interest and principal under outstanding promissory notes. See Footnote 5 of our unaudited financial statement for nine months ended September 30, 2018.

 

Going Concern

 

The accompanying audited financial statements for the nine months ended September 30, 2018 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reports a net loss of ($3,598,472) for the nine months ended September 30, 2018, and ($2,164,422) loss for the nine months ended September 30, 2017 and an accumulated deficit of ($8,564,688) as of September 30, 2018.

 

The Company had a working capital deficit of ($4,770,782) and negative cash flow from continuing operating activity of ($2,314,053) at September 30, 2018. The Company’s revenue from operations is not sufficient to meet its working capital needs and will be dependent on funds raised to satisfy its ongoing capital requirements for at least the next twelve months. The Company will require additional financing in order to execute its operating plan and continue as a going concern. The Company cannot predict whether this additional financing will be in the form of equity or debt, or be in another form. The Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In any of these events, the Company may be unable to implement its current plans for expansion or respond to competitive pressures, any of these circumstances would have a material adverse effect on its business, prospects, financial condition and results of operations.

 

31
 

 

Critical Accounting Policies

 

We have identified the following policies below as critical to its business and results of operations. Our reported results are impacted by the application of the following accounting policies, certain of which require management to make subjective or complex judgments. These judgments involve making estimates about the effect of matters that are inherently uncertain and may significantly impact quarterly or annual results of operations. For all of these policies, management cautions that future events rarely develop exactly as expected, and the best estimates routinely require adjustment. Specific risks associated with these critical accounting policies are described in the following paragraphs.

 

Use of Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying financial statements include, among others, revenue recognition, allowances for doubtful accounts, valuation of long-lived assets, and deferred income tax asset valuation allowances.

 

The financial statements are presented on the basis of the Company’s ability to continue as a going concern. Other than continued current involvement, some transactions prior to December 31, 2015 have been reclassified as discontinued operations in the financial statements included in this Registration Statement.

 

Cash and Cash Equivalents – The Company considers all highly-liquid investments with a maturity of three months or less, when purchased, to be cash equivalents. Cash on-hand at September 30, 2018 and December 31, 2017were $21,569 and $27,849, respectively.

 

Sales-type Leasing and Related Revenue Recognition - The Company installs and leases energy equipment to its customer under a Managed Energy Services Agreement “(MESA”). The Company typically transfers ownership of the equipment to its customers at the end of the lease. The investment in these projects is recorded as an investment on sales-type leases in accordance with Financial Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, “Leases”, and its various amendments and interpretations. The Company finances energy efficiency projects. The sales and cost of sales are recognized upon completion of the installation of equipment. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income ad estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs, if any. Unearned interest income is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the project completion date, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.

 

32
 

 

Software Development Costs – The Company capitalizes certain expenditures to the development of its software application. Capitalization begins when technological feasibility is established. Capitalized costs are amortized using the straight-line method over the estimated useful life of the developed product.

 

Beneficial Conversion Feature - The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force (“EITF”) 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature (“BCF”) of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved.

 

The BCF of a convertible note is measured by allocating a portion of the note’s proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.

 

Recent Accounting Pronouncements

 

We implemented all new accounting standards that are in effect and that may impact its consolidated financial statements. We do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on the consolidated financial position or results of operation.

 

Off-Balance Sheet Arrangements

 

As of September 30, 2018, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with us is a party, under which we have any obligation arising under a guarantee contract, derivative instrument or variable interest or a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

 

Plan of Operation and Funding

 

During the next twelve months, we anticipate that our principal sources of liquidity will consist of any, or all, of the following: 1) proceeds from potential equity financing, 2) revenue generated from our operations, and 3) additional debt borrowings. While we are presently generating revenue and we anticipate our revenue will continue to increase.

 

On a long-term basis, our ability to ultimately achieve and maintain profitability and positive cash flow is dependent upon our ability to successfully continue to develop our products and our ability to generate revenues.

 

33
 

 

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the 1934 Act) pursuant to Rule 13a-15 under the 1934 Act as of September 30, 2018. The Company’s disclosure controls and procedures are designed to provide reasonable, not absolute assurance that information required to be disclosed in the reports it files or submits under the 1934 Act is recorded, processed, summarized and reported on a timely basis and that such information is communicated to management and the Company’s board of directors to allow timely decisions regarding required disclosure.

 

Based on this evaluation, it has been concluded that the design and operation of our disclosure controls and procedures are not effective as of September 30, 2018 since the following material weaknesses exist:

 

  ● Since inception our chief executive officer also functions as our chief financial officer. As a result, our officers may not be able to identify errors and irregularities in the financial statements and reports.
     
  ● We were unable to maintain full segregation of duties within our financial operations due to our reliance on limited personnel in the finance function. While this control deficiency did not result in any material adjustments to our financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties.
     
  ● Documentation of all proper accounting procedures is not yet complete.

 

To the extent reasonably possible given our limited resources, as financial resources become available we intend to take measures to cure the aforementioned weaknesses, including, but not limited to, the following:

 

  ● Increasing the capacity of our qualified financial personnel to ensure that accounting policies and procedures are consistent across the organization and that we have adequate control over financial statement disclosures.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

34
 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suite, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect. We anticipate that we (including current and any future subsidiaries) will from time to time become subject to claims and legal proceedings arising in the ordinary course of business. It is not feasible to predict the outcome of any such proceedings and we cannot assure that their ultimate disposition will not have a materially adverse effect on our business, financial condition, cash flows or results of operations.

 

Item 1A. Risk Factors.

 

We are not required to provide this information as we are a Smaller Reporting Company.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Default Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable to our Company.

 

Item 5. Other Information.

 

None.

 

35
 

 

Item 6. Exhibits

 

Exhibit
No.		   Description
     
31.1   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Alex Rodriguez.
     
32.1   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Alex Rodriguez.
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Extension Schema Document
     
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.

 

36
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  ZENERGY BRANDS, INC.
     
Date: November 15, 2018 By: /s/ Alex Rodriguez
    Alex Rodriguez, Chief Executive Officer and Chief Financial Officer, (Principal Executive Officer and Principal Financial and Accounting Officer)

 

37
 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

Certification of Chief Executive Officer and Chief Financial Officer

 

I, Alex Rodriguez, certify that;

 

1. I have reviewed this quarterly report on Form 10-Q of Zenergy Brands, Inc. for the quarter ended September 30, 2018;

 

2. Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

November 15, 2018 /s/ Alex Rodriguez
  Alex Rodriguez
  Chief Executive and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)

 

 
 

 EX-32.1 3 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. Sec.1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Zenergy Brands, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2018, as filed with the Securities Exchange Commission on the date hereof (the “Report”), Alex Rodriguez, the Chief Executive Officer and Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the company.

 

November 15, 2018 /s/ Alex Rodriguez
  Alex Rodriguez
  Chief Executive Officer and Chief Financial Officer

 

 
 

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Nov. 12, 2018
Entity Registrant Name ZENERGY BRANDS, INC.  
Entity Central Index Key 0001386026  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
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Current Fiscal Year End Date --12-31  
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Document Fiscal Year Focus 2018  
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Accounts receivable, net 198,210 7,971
Current potion of financing receivables, net 42,867 7,971
Related party receivable 10,578
Other assets 155,706 3,526
Inventory 25,952
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Total current assets 540,554 83,990
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Investment 500,000
Goodwill 1,238,735
Intangible assets 230,000
Other long-term assets 10,631
Total long-term assets 3,199,739 65,009
Fixed Assets    
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Total fixed assets 132,071 145,883
Total assets 3,872,364 294,882
Current Liabilities    
Accounts payable 591,620 389,520
Related party accounts payable 145,175 60,312
Accrued liabilities 295,621
Accrued interest 356,577 133,519
Accrued payroll 55,832 353,793
Deferred revenue 20,085 520
Deferred tax liability 5,896
Other current liabilities 21,579
Subscription liabilities 74,000 44,000
Related party convertible promissory note, net 205,000 169,000
Notes payable 1,776,064 19,464
Convertible promissory notes, net 1,785,466 1,046,663
Suspense
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Long-term Liabilities    
Deferred revenue 1,031,874 3,743
Convertible promissory note, net
Total long-term liabilities 1,031,874 3,743
Total Liabilities 6,343,210 2,242,113
Minority interest in subsidiary
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Beneficial conversion feature 649,012 693,076
Warrants 38,693 81,530
Total Mezzanine equity 687,705 774,606
Shareholders' deficit    
Preferred stock value
Additional paid-in capital 3,525,200 1,926,569
Accumulated deficit (8,564,688) (5,632,011)
Total shareholders' deficit (3,158,551) (2,721,837)
Total liabilities & shareholders' deficit 3,872,364 294,882
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Consolidated Statements of Operations (Unaudited) - USD ($)
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Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
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Cost of goods sold 410,027 3,450 973,457 25,570
Gross profit (loss) 30,452 10,010 233,077 (1,985)
Operating expenses        
Selling, general and administrative expenses 649,615 641,343 2,556,496 1,790,696
Amortization expense 4,044 4,041 13,813 7,031
Total Operating Expense 653,659 645,384 2,570,309 1,797,727
Operating loss (623,207) (635,374) (2,337,232) (1,799,712)
Other income (expense)        
Interest income 2,186 6,966
Depreciation Expense (12,444) (12,444)
Forgiveness of debt 313,500
Loss on extinguishment of debt (52,024)
Tax expense 102 204
Interest expense (471,336) (197,095) (1,517,442) (364,710)
Total other expense (481,492) (197,095) (1,261,240) (364,710)
Net loss $ (1,104,699) $ (832,469) $ (3,598,472) $ (2,164,422)
Per share information:        
Net loss per share - basic $ (0.002) $ (0.001) $ (0.005) $ (0.002)
Weighted average shares outstanding - basic 584,100,730 898,540,985 751,836,198 875,360,417
Weighted average shares outstanding - diluted 2,152,766,488 1,202,501,985 2,320,501,956 1,179,321,417
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Change in Shareholders' Deficit - USD ($)
Class A Common Stock [Member]
Class B Common Stock [Member]
Series A Preferred Stock [Member]
Accumulated Deficit [Member]
Additional Paid-in-Capital [Member]
Total
Balance at Dec. 31, 2016 $ 853,262 $ 10,000 $ (2,328,890) $ 274,903 $ (1,190,725)
Balance, shares at Dec. 31, 2016 853,262,525 10,000,000      
Net Loss (3,303,121) (3,303,121)
Conversion of warrants $ 919 (919)
Conversion of warrants, shares 919,091      
Conversion of notes payable $ 38,053 103,197 141,250
Conversion of notes payable, shares 38,053,031      
Conversion of mezzanine equity 858,350 858,350
Class A common stock issued $ 68,514 410,385 478,899
Class A common stock issued, shares 68,514,143      
Series A preferred stock issued $ 500 $ 124,500 $ 125,000
Series A preferred stock issued, shares 500,000      
Common stock issued for service and fees 12,357 156,153 168,510
Common stock issued for service and fees, shares $ 12,356,579      
Balance at Dec. 31, 2017 $ 973,105 $ 10,000 $ 500 $ (5,632,011) $ 1,926,569 $ (2,721,837)
Balance, shares at Dec. 31, 2017 973,105,369 10,000,000 500,000      
Net Loss (3,598,472) (3,598,472)
Conversion of warrants $ 35,344 7,286 42,630
Conversion of warrants, shares 35,344,129          
Conversion of notes payable $ 577,013 49,589 626,602
Conversion of notes payable, shares 577,013,000          
Conversion of mezzanine equity 1,182,234 1,182,234
Class A common stock issued $ 216,285 (201,302) 14,983
Class A common stock issued, shares 216,284,501          
Series A preferred stock issued $ 100 $ 99,900 $ 100,000
Series A preferred stock issued, shares   100,000      
Common stock issued for service and fees 68,590 208,900 277,490
Common stock issued for service and fees, shares $ 68,590,323          
April 3, 2018 Acquisition       $ 665,795 $ 665,795
Extinguishment of debt 52,024 52,024
Stock issued in subsidiary 200,000 200,000
Balance at Sep. 30, 2018 $ 1,870,337 $ 10,000 $ 600 $ (8,564,688) $ 3,525,200 $ (3,158,551)
Balance, shares at Sep. 30, 2018 1,870,337,322 10,000,000 600,000      
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net Loss $ (3,598,472) $ (2,164,422)
Adjustments to reconcile net loss to net cash used in operating activities    
Amortization of debt discount 1,232,376 262,736
Amortization of software 13,813 7,031
Depreciation expense 12,444
Conversion of cashless warrants 42,630
Compensation and fees paid in stock 277,490 107,400
Loss on extinguishment of debt 52,024
Changes in operating assets and liabilities    
Accounts receivable, net (198,210) (15,360)
Prepaid expenses and other current assets (240,316) (60,682)
Related party receivable 10,578
Goodwill (1,238,735)
Intangible assets (230,000)
Other long-term assets 10,631
Accounts payable and other current liabilities 186,417 215,228
Accounts payable related party 84,863
Accrued liabilities 295,621
Accrued interest 223,058 63,993
Accrued payroll (297,961) 124,486
Deferred revenue 1,047,696
Net cash used in provided in operating activities (2,314,053) (1,459,590)
INVESTING ACTIVITIES    
Investment in subsidiary 165,795
Financing receivable extended (1,211,522)
Software (92,746)
Net cash used in investing activities (1,045,727) (92,746)
FINANCING ACTIVITIES    
Assets acquired in acquisition 1,150,000
Proceeds from issuance of preferred stock 100,000 125,000
Proceeds from issuance of common stock 79,500 429,050
Proceeds from issuance of stock in subsidiary 200,000 20,000
Proceeds from issuance of stock subscription in subsidiary 30,000
Proceeds from sale of minority interest
Proceeds from notes payable 600,000 40,000
Proceeds from convertible promissory notes 1,314,000 917,000
Pay down of convertible promissory notes (120,000)
Net cash provided by financing activities 3,353,500 1,531,050
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 27,849 51,710
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 21,569 30,424
Supplemental disclosure of non cash transactions    
Conversion of notes payable and interest to common stock 521,814
Cash paid for interest expense $ 1,219 $ 2,130
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization - Nature of Operations
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization - Nature of Operations

1. Organization – Nature of Operations

 

Zenergy Brands, Inc. (the “Company”, (“Zenergy”) or (“ZNGY”) was incorporated under the laws of the State of Nevada on July 28, 1999. As part of our rebranding and marketing efforts focused on our energy and smart controls business, our board of directors unanimously approved on October 18, 2017 the change of our corporate name to Zenergy Brands, Inc. from The Chron Organization, Inc. (“CHRO”)

 

Zenergy Brands, Inc. a business-to-business company, whose business platform is a combined offering of energy services and smart controls. Our business model is based upon the belief that these two aspects, combined with an ever-increasing commercial demand for more sustainable business practices will continue to be burgeoning trends. Historically, services such as electricity and natural gas have been provided by monopoly based companies; these legacy entities are in the business of selling commodity and related services and naturally, selling as much of these (kilo-watt-hours of electricity and thermal units of natural gas) as possible. However, the growing demand from commercial and municipal entities for responsible energy, more control and transparency, and overall sustainability, have proven to be at odds with the mission of these legacy entities. Zenergy offers a unique value proposition to commercial, industrial, and municipal customers whereby we offer a means to reduce their utility expenses anywhere from 20% up to 60% through energy-efficient and smart control products and services.

 

On April 3, 2018, Zenergy Power & Gas, Inc. (“ZP&G”), a Texas corporation formerly known as Zen Energy Inc., and a wholly-owned subsidiary of Zenergy Brands, Inc., a Nevada corporation (the “Company”) consummated the purchase of 87.37% of the issued and outstanding equity interests (the “Purchased Interests”) of Enertrade Electric, LLC, a Texas limited liability company (“Enertrade”), from Luccirelli & Gomez, LLC (“L&G”) and TCN Holdings, LLC (“TCN” and together with L&G, collectively, the “Sellers”) , pursuant to the terms and conditions of that certain Equity Interest Purchase Agreement, dated January 20, 2017, by and among ZP&G, Enertrade, the Sellers, and Genaro Gomez Castanares and Donnie Goodwin (the “Principals”), the principals of the Sellers (as amended by that certain First Amendment to Equity Interest Purchase Agreement dated March 20, 2017 and as further amended by that certain Second Amendment to Equity Interest Purchase Agreement dated October 31, 2017, collectively, the “Purchase Agreement”). ZP&G, Enertrade, the Sellers and the Principals are referred to collectively as the “Parties”.

 

The aggregate consideration paid by ZP&G for the Purchased Interests was $1,650,000 as adjusted for Enertrade’s closing date working capital, indebtedness and unpaid transaction costs, and consisted of (i) cash consideration of $500,000 which was paid at the closing and (ii) the delivery at the closing of an interest free promissory note in favor of the Sellers (the “Note”) with an original principal amount of $1,150,000.
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Principals of Consolidation – The accompanying consolidated financial statements include the accounts of the Company, and its subsidiaries Zen Technologies, Inc. and Zen Power & Gas, Inc., All significant intercompany transactions and balances have been eliminated.

 

Use of Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying financial statements include, among others, revenue recognition, allowances for doubtful accounts, valuation of long-lived assets, and deferred income tax asset valuation allowances.

 

The financial statements are presented on the basis of the Company’s ability to continue as a going concern. See further information in Note 3. Going Concern.

 

Cash and Cash Equivalents – The Company considers all highly-liquid investments with a maturity of three months or less, when purchased, to be cash equivalents.

 

Allowance for Doubtful Accounts - The determination of collectability of the Company’s accounts receivable requires management to make judgments and estimates in order to determine the appropriate amount of allowance needed for doubtful accounts. The Company’s allowance for doubtful accounts is estimated to cover the risk of loss related to accounts receivable. This allowance is maintained at a level that management considers appropriate based on historical trends of write-offs, recoveries and credit losses, aging of accounts, and projected economic and market conditions. Different assumptions or changes in the economic circumstances could result in changes to the allowance. Accounts deemed uncollectible are applied against the allowance for doubtful accounts. At April 2, 2018 and December 31, 2017, the allowance for doubtful accounts totals $27,510.

 

Revenue Recognition for Retail Electricity - The Company recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or services have been performed, the selling price is fixed or determinable, and collection is reasonably assured and there are no further obligations to customers. The Company recognizes upon delivery of electricity to a customer. The Company’s revenue relies upon Electric Reliability Council of Texas (“ERCOT”) settlement statements to determine the revenue based upon services delivered.

 

Prepaid Expenses – As of September 30, 2018, and December 31, 2017 prepaid expenses totaled $96,250 and $34,066, respectively. The balance of prepaid expenses consists of business insurance and rent related expenses.

 

Fair Value of Financial Instruments - The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of accounts receivable, financed receivables, prepaid and other current assets, and accounts payable and accrued expenses approximate the carrying amounts due to the relatively short maturity of these instruments. The carrying value of short- and long-term debt also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes.

 

Basic and Diluted Net Loss per Common Stock – Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The dilutive shares outstanding at September 30, 2018 and December 31, 2017 are as follows:

 

    September 30, 2018     December 31, 2017  
             
Related party convertible promissory notes     83,333,333       56,333,333  
Related Party Warrants     32,166,767       32,166,667  
Convertible promissory notes     1,375,004,658       299,860,000  
Warrants     78,161,000       19,161,000  
Diluted shares outstanding     1,568,665,758       407,521,000  

 

Income Taxes – The Company estimates its current tax position together with its future tax consequences attributable to temporary differences resulting from differing treatment of items, such as depreciation and other reserves for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities. Management must then assess the likelihood that its deferred tax assets will be recovered from future taxable income, prior year carryback, or future reversals of existing taxable temporary differences. To the extent management believes that recovery is unlikely, management establishes a valuation allowance against these deferred tax assets. Significant judgment is required in determining the Company’s provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance recorded against its deferred tax assets. At September 30, 2018 and December 31, 2017, the Company has recorded a tax liability of $6,100 at September 30, 2018 against its net deferred tax assets due to the uncertainty these assets will be used in the future. A charge in the amount of $204 was recorded in interest expense and offset to the deferred tax liability at September 30, 2018.

 

Sales-type Leasing and Related Revenue Recognition - The Company installs and leases energy equipment to its customer under a Managed Energy Services Agreement (“MESA”). The Company typically transfers ownership of the equipment to its customers at the end of the lease through a purchase option. The investment in these projects is recorded as an investment on sales-type leases in accordance with Financial Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, “Leases”, and its various amendments and interpretations. The Company finances energy efficiency projects. The sales and cost of sales are recognized upon completion of the installation of equipment. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs, if any. While revenue is recognized at the project completion date, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.

 

Financing Receivables – Finance receivables are receivables that the Company has the intent and ability to hold for the foreseeable future or until maturity, or receivables associated with an on-balance sheet securitization classified as secured financing. The financing receivables are reported at the principal amount outstanding, net of deferred interest and offset to deferred revenue. The Company manages the economic risks exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting the servicing and collection activities. The deferred revenue is amortized over the contractual life of the related finance receivable in accordance with FASB ASC 842. Finance receivables are classified as either short-term or long-term assets.

 

Software Development Costs – The Company capitalizes certain expenditures to the development of its software application. Capitalization begins when technological feasibility is established. Capitalized costs are amortized using the straight-line method over the estimated useful life of the developed product.

 

Beneficial Conversion Feature - The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force (“EITF”) 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature (“BCF”) of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved.

 

The BCF of a convertible note is measured by allocating a portion of the note’s proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.

 

Classification - The Company had classified the beneficial conversion feature of the convertible notes as mezzanine equity on the consolidated balance sheets as the stock was contingently redeemable. Upon the occurrence of certain change in control events that are outside the Company’s control, including liquidation, sale or transfer of the Company, holders of the convertible preferred stock could cause redemption for cash. Pursuant to ASC 480-10-S99-3A, the SEC finds that a BCF should be separated from a convertible instrument and recorded in additional paid-in capital. However, Company’s filing with the SEC should present BCF as mezzanine equity in order to distinguish them from permanent equity. The balance sheet reflects the redeemable equity instruments as mezzanine equity separate from permanent equity.

 

New Pronouncements

 

Revenue from contracts with customers - In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going Concern
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

3. Going Concern

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This update is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and to provide related footnote disclosures in certain circumstances. This guidance is effective for fiscal years ending after December 15, 2016 and for interim periods thereafter. The Company adopted ASU 2014-15 as of the required effective date of December 31, 2016. The Company performed a working capital analysis as of September 30, 2018 and December 31, 2016 to determine whether or not this disclosure was appropriate and included the additional disclosure.

 

When evaluating the Company’s ability to meet its obligations, Management considered the current financial condition, including liquidity sources at the date that the financial statements were issued, the Company’s conditional and unconditional obligations due or anticipated within one year after the date that the financial statements were issued, funds necessary to maintain the Company’s operations considering its current financial condition, and other conditions and events, when considered in conjunction with the items pervious mentioned, that may adversely affect its ability to meet its obligations. The Company has concluded that there is substantial doubt about its ability to continue as a going concern for the nine months ended September 30, 2018 and year ended December 31, 2017.

 

Based on an analysis by the Company under ASU 2014-15, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year of the date of these financial statements. Consequently, the Company’s financial statements for the nine months ended September 30, 2018 and 2017 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of ($3,598,472) and ($2,164,422) for the nine months ended September 30, 2018 and 2017, respectively, and an accumulated deficit of ($8,564,668) at September 30, 2018. At September 30, 2018 and 2017 the Company had a working capital deficit of ($4,770,782) and ($2,154,380), respectively, and negative cash flow from continuing operating activity of ($2,314,053) and ($2,314,053), respectively, for the nine months ended September 30, 2018, and 2017.

 

The Company’s ability to continue as a going concern may be dependent on the success of management’s plan. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

During the 2018 fiscal year, the Company intends to continue its efforts to raise funds to support its efforts through the sale of equity and/or debt securities.

 

To the extent the Company’s operations are not sufficient to fund the Company’s capital requirements, the Company may attempt to enter into a revolving loan agreement with financial institutions or attempt to raise capital through the sale of additional capital stock or through the issuance of debt. At the present time, the Company does not have a revolving loan agreement with any financial institution.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Finance Receivables
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Finance Receivables

4. Finance Receivables

 

Finance receivables include sales-type leases arising from the Master Energy Sales Agreements (“MESA”) that the Company enters into with its customers. The receivables are collateralized by a security interest in the underlying assets. Finance receivables, net are related to the sales-type leases under ASC 842 (“Leases”), and are as follows at September 30, 2018:

 

Gross receivables sales   $ 2,062,543  
Deferred implied interest     (788,672 )
Finance receivables, net     1,273,871  
Less current portion of finance receivables, net     (42,867 )
Finance receivables due after one year   $ 1,231,004  
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Notes Payable

5. Notes Payable

 

On March 29, 2017, the Company entered into a promissory note agreement (the “March 2017 Promissory Note”) with a third-party in the amount of $40,000. The promissory note carries an interest rate of 10% per annum and had an original maturity date of May 15, 2017. The principal balance of the note at September 30, 2018 was $40,000, and accrued interest was $4,022. As additional consideration for entering into the note, the Company issued to the third-party note holder a warrant for the purchase of 1,000,000 shares of common stock in the Company, exercisable at two cents ($0.02) per share for a period of one year from the date of issue. The note maturity was extended to May 15, 2018 and additional warrants were issued allowing the holder to purchase an additional seventeen million (17,000,000) shares of the Company’s common stock. Terms of the warrant options are the same terms as the original warrant issued with the March 29, 2017 Note.

 

The Company determined the fair value of the warrants which resulted in a debt discount of $31,347 which was recorded as a reduction in carrying value of the March 2017 Promissory Note and offset in mezzanine equity. The balance of the debt discount for the warrants issued at September 30, 2018 was $13,936.

 

On March 26, 2018 the Company entered into a promissory note agreement (the “March 2018, Promissory Note”) with a third-party in the amount of $600,000. The promissory note carries an interest rate of 10% per annum. The principal balance, and accrued interest of the note at September 30, 2018 was $600,000, and $35,172, respectively. The maturity date of the promissory note is March 26, 2019.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Convertible Promissory Note
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Related Party Convertible Promissory Note

6. Related Party Convertible Promissory Note

 

As of September 30, 2018 and December 31, 2017, the Company had an outstanding related party convertible promissory note of $205,000 and $169,000, respectively, with a maximum availability of $250,000 (the “Related Party Convertible Promissory Notes”). See Note 8. Related Party Transactions.

 

On November 20, 2015, the Company issued a Convertible Promissory Note to a related party (the “Related Party Convertible Promissory Note”). The Related Party Convertible Promissory Note accrues interest at a rate of 2% per annum. The principal balance under the Related Party Convertible Promissory Note at September 30, 2018, and December 31, 2017 was $205,000 and $169,000, respectively, and accrued interest was $11,693 and $8,021, respectively, and is due on December 31, 2018 at which time all unpaid principal and interest is due. The effective interest rate at September 30, 2018 was 114%.

 

The holder of the Related Party Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The Related Party Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The November 2015 Related Party Convertible Promissory Note is convertible at a $0.003 per share conversion price.

 

The Related Party Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $155,660 which was recorded as a reduction in carrying value of the Related Party Convertible Promissory Note and offset in mezzanine equity. At September 30, 2018, and December 31, 2017, the debt discount was $0.

 

In connection with the Related Party Convertible Promissory Note, the holder was issued a total of 32,166,667 warrants exercisable at $0.05 expiring in November 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $37,366 which was recorded as a reduction in carrying value of the Related Party Convertible Promissory Note and offset in mezzanine equity. At September 30, 2018 and December 31, 2017 the debt discount was $0.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes and Warrants
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Convertible Promissory Notes and Warrants

7. Convertible Promissory Notes and Warrants

 

Ziegler September 2016 Convertible Promissory Note

 

On September 6, 2016, the Company issued a Convertible Promissory Note totaling $300,000 to a third-party (the “September 2016 Convertible Promissory Note”). The September 2016 Convertible Promissory Note matures on September 5, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $300,000. The accrued interest balance at September 30, 2018 and December 31 2017, was $52,533 and $39,534, respectively. The effective interest rate at September 30, was 82%.

 

The holder of the Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 2016 Convertible Promissory Note is convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as seventy percent (70%) of the volume weighted average price over the prior ten (10) day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.02.

 

The September 2016 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $158,688 which was recorded as a reduction in carrying value of the September 2016 Convertible Promissory Note and offset in mezzanine equity. A charge to debt discount in the amount of $52,896 and $80,171 was expensed through interest expense during the nine months ended September 30, 2018 and year ended December 31, 2017, respectively. At September 30, 2018 the debt discount was $0.

 

In connection with the September 2016 Convertible Promissory Note, the holder was issued 6,000,000 warrants exercisable at $0.05 expiring in September 2018. The Company determined the fair value of the warrants which resulted in a debt discount of $30,117, recorded as a reduction to the carrying value of the September 2016 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 and December 31, 2017, $0 and $10,039, respectively.

 

Steffan –Ziegler November 2016 Convertible Promissory Notes

 

On November 25, 2016, the Company issued two Convertible Promissory Notes totaling $200,000 to third-parties (the “November 2016 Convertible Promissory Notes”). The November 2016 Convertible Promissory Notes mature on November 24, 2018, and accrues interest at a rate of 10% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $200,000. The accrued interest balance at September 30, 2018 and December 31, 2017 was $37,194 and $22,027, respectively. The effective interest rate at September 30, 2018 was 79%.

 

The holders of the November 2016 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The November 2016 Convertible Promissory Notes can be converted by the holders in part from time to time after the issuance date by submitting notice of conversion. The November 2016 Convertible Promissory Notes are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as seventy percent (70%) of the volume weighted average price over the prior ten (10) day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.02.

 

The November 2016 Convertible Promissory Notes contained beneficial conversion features which resulted in a debt discount of $99,123 which was recorded as a reduction in carrying value of the November 2016 Convertible Promissory Notes and offset in additional mezzanine equity. During the nine months ended September 30, 2018 and twelve months ended December 31, 2017 a charge to debt discount in the amount of $37,171 and $49,562 was expensed through interest expense, respectively. At September 30, 2018 and December 31, 2017, the debt discount was $8,260 and $45,431, respectively.

 

In connection with the November 2016 Convertible Promissory Notes, the holders were issued 4,000,000 warrants exercisable at $0.05 expiring in November 2019. The Company determined the fair value of the warrants which resulted in a debt discount of $13,409, recorded as a reduction to the carrying value of the November 2016 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 and December 31, 2017 was $803 and $5,832, respectively.

 

Collision Capital, LLC March 15, 2017 Convertible Promissory Note

 

On March 17, 2017, the Company issued a Convertible Promissory Notes totaling $50,000 to a third-party (the “March 15, 2017 Convertible Promissory Note”). The March 15, 2017 Convertible Promissory Note matured on March 15, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $50,000. The accrued interest balance at September 30, 2018 and December 31, 2017 was $10,624 and $2,958, respectively.

 

Not less than three (3) days advance written notice (“Conversion Notice”), at any time or from time to time, six (6) months after the Closing, the Holder at its sole option, may convert the outstanding Principal Amount of this Note, or any portion of the Principal Amount hereof, and any accrued interest, in whole or in part, into shares of the common stock of the Company (the “Common Stock”). Any amount so converted will be converted into common stock of the Company at a price of 50% of the lowest closing price on the primary trading market on which the Company’s Common Stock is quoted for the five (5) trading days immediately prior to but not including the Conversion Date (“Conversion Price”).

 

Bellridge Capital, LP March 2017 Convertible Promissory Note

 

On March 17, 2017, the Company issued a Convertible Promissory Notes totaling $82,500 to a third-party (the “March 2017 Convertible Promissory Note”). The March 2017 Convertible Promissory Note matures on March 17, 2018, and accrues interest at a rate of 12% per annum. On January 9, 2018, the Company paid The March 17, 2017 Convertible Note in the amount of $82,500, with accrued interest of $8,167. In addition, the Company paid a prepayment penalty of $16,500.

 

The March 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $38,308 which was recorded as a reduction in carrying value of the March 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $8,168 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the March 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.03 expiring in March 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $2,951 recorded as a reduction to the carrying value of the March 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Bellridge Capital, LP April 2017 Convertible Promissory Note

 

On April 25, 2017, the Company issued a Convertible Promissory Notes totaling $82,500 to a third-party (the “April 2017 Convertible Promissory Note”). The April 2017 Convertible Promissory Note matured on April 25, 2018, and accrues interest at a rate of 12% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $82,500. The accrued interest balance at September 30, 2018 and December 31, 2017 was $14,290 and $6,781. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,500 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 85%.

 

The holder of the April 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The April 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The April 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.03 or sixty percent (60%) of the lowest closing price over the 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The April 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $55,632 which was recorded as a reduction in carrying value of the April 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,544 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the April 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.05 expiring in April 2020 (the “Warrants”). The Company determined the fair value of the warrants which resulted in a debt discount of $632 recorded as a reduction to the carrying value of the April 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $453.

 

Bellridge Capital, LP June 2017 Convertible Promissory Note

 

On June 20, 2017, the Company issued a Convertible Promissory Notes totaling $187,000 to a third-party for a purchase price of $170,000 (the “June 2017 Convertible Promissory Note”). The June 2017 Convertible Promissory Note matured on June 20, 2018, and accrues interest at a rate of 12% per annum. All unpaid principal and interest is due at maturity. As of June 30, 2018, and December 31, 2017 the outstanding principal was $187,000. The accrued interest balance at September 30, 2018, and December 31, 2017 was $28,712 and $11,927, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $18,700. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $9,350 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2017 was 131%.

 

The holder of the June 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The June 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The June 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.03 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The June 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $131,332 which was recorded as a reduction in carrying value of the April 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $65,666 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the June 2017 Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.03 expiring in June 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $6,665 recorded as a reduction to the carrying value of the June 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $3,888.

 

Auctus Fund, LLC July 28, 2017 Convertible Promissory Note

 

On July 28, 2017, the Company issued a Convertible Promissory Note totaling $200,000 to a third-party for a purchase price of $195,000 (the “July 28, 2017 Convertible Promissory Note”). The July 28, 2017 Convertible Promissory Note matured on April 28, 2018, and accrues interest at a rate of 10% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $82,432 and $141,373, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $5,464 and $1,425, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $1,577 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 121%.

 

The holder of the July 28, 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 28, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 28, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.04 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $58,941 of the outstanding principal balance, and $8,954 of accrued interest into 43,500,000 shares of Class A Common Stock.

 

The July 28, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $136,699 which was recorded as a reduction in carrying value of the July 28, 2017 Convertible Promissory Note and offset in additional paid in capital. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $51,764 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the July 28, 2017 Convertible Promissory Note, the holder was issued 666,000 warrants exercisable at $0.03 expiring in July 2022. The Company determined the fair value of the warrants which resulted in a debt discount of $3,366 recorded as a reduction to the carrying value of the June 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $2,015.

 

Morningview Financial, LLC July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $105,000 to a third-party for a purchase price of $100,000 (the “July 31, 2017 Convertible Promissory Note”). The July 31, 2017 Convertible Promissory Notes matures on July 31, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $39,983 and $105,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $8,846 and $4,401, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,158 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 163%.

 

The holder of the July 31, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 31, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 31, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of the lower of $0.03 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $52,017 of the outstanding principal balance into 35,150,726 shares of Class A Common Stock.

 

The July 31, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $70,000 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $35,933 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

2 Plus 2, LLC. July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 2 Plus 2 Convertible Promissory Note”). The July 31, 2017 2 Plus 2 Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $12,233. The accrued interest balance at September 30, 2018 and December 31, 2017 was $1,562 and $838. In addition, the Company recorded an original issue discount (OID) in the amount of $2,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $525 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, was 285%.

 

The holder of the July 31, 2017 2 Plus 2 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The July 31, 2017 2 Plus 2 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The July 31, 2017 2 Plus 2 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The July 31, 2017 2 Plus 2 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $20,820 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $5,100 was recorded through interest expense. At September 30, 2018, the debt discount was $0

 

In connection with the July 31, 2017 2 Plus 2 Convertible Promissory Note, the holder was issued 250,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $4,180 recorded as a reduction to the carrying value of the July 31, 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $1,063.

 

L&H Inc. July 31, 2017 Convertible Promissory Note

 

On July 31, 2017, the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 L&H Convertible Promissory Note”). The July 31, 2017 L&H Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. On January 17, 2018, the Company paid the July 31, 2017 Convertible Note in the amount of $25,000, with accrued interest of $939. In addition, the Company paid a prepayment penalty of $2,594.

 

The July 31, 2017 L&H Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $20,820 which was recorded as a reduction in carrying value of the July 31, 2017 L&H Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $12,145 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the July 31, 2017 L&H Convertible Promissory Note, the holder was issued 500,000 warrants exercisable at $0.035 expiring in August 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $4,180 recorded as a reduction to the carrying value of the July 31, 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Greentree Financial Group, Inc. August 1, 2017 Convertible Promissory Note

 

On August 1, 2017, the Company issued a Convertible Promissory Notes totaling $75,000 to a third-party for a purchase price of $67,500 (the “August 1, 2017 Convertible Promissory Note”). The August 1, 2017 Convertible Promissory Note matures on July 31, 2018, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $53,650, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $2,515, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $2,700 through interest expense. The balance of the OID discount at September 30, 2018 was $0.

 

The holder of the August 1, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The August 1, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The August 1, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $53,650 of the outstanding principal balance, and $8,077 of accrued interest into 48,092,968 shares of Class A Common Stock.

 

The July 31, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $46,291 which was recorded as a reduction in carrying value of the July 31, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $24,303 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the July 31, 2017 Convertible Promissory Note, the holder was issued 4,250,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $28,709 recorded as a reduction to the carrying value of the July 2017 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Additionally, the Company issued a $25,000 convertible promissory note for consulting services to be provided by Greentree Financial Group under a Financial Advisory Agreement (the “FAA July 2017 Convertible Promissory Note”). The FAA July 2017 Convertible Promissory Note has an annual interest rate of eight percent (8%) and is due on July 31, 2018. All unpaid principal and interest is due at maturity. The holder has the right, at any time, to convert all or a portion of the note into shares of common stock of the Company at the conversion price. The per shares conversion price is equal to the lesser of $0.03 or the lowest per share trading price for the 20-day trading period multiplied by sixty-percent (60%); however, the conversion shall not be less than $0.001. As of September 30, 2018 and December 31, 2017 the outstanding principal was $0, and $25,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $838, respectively. During the nine months ended September 30, 2018 the holder of the Note converted $25,000 of the outstanding principal balance, and $6,638 of accrued interest into 15,508,824 shares of Class A Common Stock.

 

The July FAA July 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $16,667 which was recorded as a reduction in carrying value of the FAA July 2017 Convertible Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $9,723 was recorded through interest expense. At September 30, 2018 the debt discount was $0.

 

JSJ Investments, Inc. September 2017 Convertible Promissory Note

 

On September 20, 2017, the Company issued a Convertible Promissory Note totaling $110,000 to a third-party for a purchase price of $105,000 (the “September 2017 Convertible Promissory Note”). The September 2017 Convertible Promissory Note matured on June 20, 2018, and accrues interest at a rate of 10% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018 and December 31, 2017, the outstanding principal was $15,000 and $110,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $7,378 and $3,074, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $5,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $3,188 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 110%.

 

The holder of the September 2017 Convertible Promissory Note have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as the lower of $0.02 or sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001. During the nine months ended September 30, 2018 the holder of the Note converted $95,000 of the outstanding principal balance into 77,000,850 shares of Class A Common Stock.

 

The September 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $73,333 which was recorded as a reduction in carrying value of the September 2017 Convertible Promissory Note and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $41,575 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

Vista Capital Investments, LLC October 2, 2017 Convertible Promissory Note

 

On October 2, 2017, the Company issued a Convertible Promissory Notes totaling $220,000 to a third-party for a purchase price of $200,000 (the “October 2, 2017 Convertible Promissory Note”). The October 2, 2017 Convertible Promissory Note matures on October 2, 2019, and accrues interest at a one-time interest charge rate of 8%. In addition, the Company agreed to issue the holder of the October 2, 2017 Convertible Promissory Note 3,000,000 commitment shares to induce the holder to enter into the Purchase Agreement. As of September 30, 2018 and December 31, 2017, the outstanding principal was $121,000 and $220,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $26,842 and $17,600, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $20,000. During the nine months September 30, 2018 a charge to the OID debt discount was recorded in the amount of $5,000 through interest expense. The balance of the OID discount at September 30, 2018 was $10,000. The effective interest rate at September 30, 2018 was 78%.

 

The holder of the October 2, 2017 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The October 2, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The October 2, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as $0.015. During the nine months ended September 30, 2018 the holder of the Note converted $99,000 of the outstanding principal balance into 109,964,727 shares of Class A Common Stock.

 

The October 2, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $101,200 which was recorded as a reduction in carrying value of the October 2, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $37,950 was recorded through interest expense. At September 30, 2018, the debt discount was $50,600.

 

Crown Bridge Partners, LLC November 2017 Convertible Promissory Note

 

On May 31, 2017, the Company issued a Convertible Promissory Notes totaling $46,000 to a third-party for a purchase price of $40,000 (the “November 2017 Convertible Promissory Note”). The November 2017 Convertible Promissory Note matures on November 13, 2018, and accrues interest at a rate of 5% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $46,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $302, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $6,000. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $6,000 through interest expense. The balance of the OID discount at September 30, 2018 was $0.

 

The holder of the May 31, 2017 Convertible Promissory Notes have the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The May 31, 2017 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The May 31, 2017 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as $0.015. During the nine months ended September 30, 2018 the holder of the Note converted $46,000 of the outstanding principal balance, and $1,488 of accrued interest into 45,585,196 shares of Class A Common Stock.

 

The November 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $34,303 which was recorded as a reduction in carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $28,475 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

In connection with the November 2017 Convertible Promissory Note, the holder was issued 920,000 warrants exercisable at $0.05 expiring in November 2022 (the “Warrants”). The Company determined the fair value of the warrants which resulted in a debt discount of $11,697 recorded as a reduction to the carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $0.

 

Power Up Lending Group, Ltd. November 13, 2017 Convertible Promissory Note

 

On November 13, 2017, the Company issued a Convertible Promissory Notes totaling $68,000 to a third-party (the “November 13, 2017 Convertible Promissory Note”). The July 31, 2017 Convertible Promissory Note matures on August 20, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $0 and $68,000, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $0 and $1,073, respectively.

 

The holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default , each in respect of the remaining outstanding principal amount of this note to convert all or any part of the outstanding and unpaid principal amount of this note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the holder be entitled to convert any portion of this note in excess of that portion of this note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this provision is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.

 

The Conversion Price shall be equal to: (A) if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. During the nine months ended September 30, 2018 the holder of the Note converted $68,000 of the outstanding principal balance, and $3,085 of accrued interest into 31,647,981 shares of Class A Common Stock.

 

The November 13, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $43,475 which was recorded as a reduction in carrying value of the November 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $36,229 was recorded through interest expense. At September 30, 2018, the debt discount was $0.

 

EMA Financial, LLC December 13, 2017 Convertible Promissory Note

 

On December 13, 2017, the Company issued a Convertible Promissory Notes totaling $137,500 to a third-party for a purchase price of $125,000 (the “December 13, 2017 Convertible Promissory Note”). The December 13, 2017 Convertible Promissory Note matures on December 13, 2018, and accrues interest at a rate of 12% per annum. As of September 30, 2018 and December 31, 2017, the outstanding principal was $99,170 and $137,500, respectively. The accrued interest balance at September 30, 2018 and December 31, 2017 was $12,231 and $814, respectively. In addition, the Company recorded an original issue discount (OID) in the amount of $12,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $4,000 through interest expense. The balance of the OID discount at September 30, 2018 was $0. The effective interest rate at September 30, 2018 was 132%.

 

The holder of the December 13, 2017 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The conversion price shall equal the lower of: (i) the closing sale price of the Common Stock on the Principal Market on the Trading Day immediately preceding the Closing Date, and (ii) 60% of either the lowest sale price for the Common Stock on the Principal Market during the twenty (20) consecutive Trading Days including and immediately preceding the Conversion Date, or the closing bid price, whichever is lower, provided, however, if the Company’s share price at any time loses the, then the Conversion Price may, in the holder’s sole and absolute discretion, be reduced to a fixed conversion price of 0.00001. The Company may prepay the EMA note subject to a prepayment factor. The prepayment factor shall equal one hundred and fifty percent (150%), provided that such Prepayment factor shall equal one hundred and thirty five percent (135%) if the optional prepayment date occurs on or before the date which is ninety (90) days following the issue date. During the nine months ended September 30, 2018 the holder of the Note converted $38,330 of the outstanding principal balance into 60,000,000 shares of Class A Common Stock.

 

The December 13, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $91,667 which was recorded as a reduction in carrying value of the December 13, 2017 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $68,751 was recorded through interest expense. At September 30, 2018, the debt discount was $15,278.

 

RB Capital Partners, Inc. 2017 Convertible Promissory Notes

 

As of September 30, 2018 and December 31, 2017, the Company had outstanding $1,092,500 and $75,000, respectively, of unsecured convertible commercial promissory notes (the RB Capital Partners, Inc. 2017 Convertible Promissory Notes). The notes have a maturity of one year from the time of issuance and accrue interest at the rate of 12%. The accrued interest on the RB Capital Partners, Inc. Convertible Promissory Notes at September 30, 2018 and December 31, 2017 was $91,103 and $740, respectively. The effective interest rate at September 30, 2018 was 1212%.

 

On November 17, 2017 the Company issued a Convertible Promissory Note in the Amount of $25,000. The Convertible Promissory Note (the “Note”) bears twelve percent (12%) interest per annum. The Note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The November 17, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the November 17, 2017 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167. During the nine months ended September 30, 2018 the Company paid down $12,500 towards the principal balance.

 

On December 1, 2017, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The December 1, 2017 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the December 1, 2017 Convertible Promissory Note and offset in in mezzanine equity During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On December 15, 2017, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On January 2, 2018, the Company issued a Convertible Promissory Note in the Amount of $25,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The Note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $25,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2017 a charge to debt discount in the amount of $18,250 was recorded through interest expense. The debt discount at September 30, 2018 was $4,167.

 

On January 8, 2018, the Company issued a Convertible Promissory Note in the Amount of $150,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $150,000 which was recorded as a reduction in carrying value of the January 8, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $79,167 was recorded through interest expense. The debt discount at September 30, 2018 was $58,333.

 

On January 12, 2018, the Company issued a Convertible Promissory Note in the Amount of $150,000. The note bears twelve percent (12%) interest per annum and is payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $150,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $79,167 was recorded through interest expense. The debt discount at September 30, 2018 was $58,333.

 

On January 29, 2018, the Company issued a Convertible Promissory Note in the Amount of $30,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $30,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $16,250 was recorded through interest expense. The debt discount at September 30, 2018 was $11,250.

 

On February 6, 2018, the Company issued a Convertible Promissory Note in the Amount of $100,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The February 6, 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $100,000 which was recorded as a reduction in carrying value of the On February 6, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $45,833 was recorded through interest expense. The debt discount at September 30, 2018 was $45,833.

 

On February 20, 2018, the Company issued a Convertible Promissory Note in the Amount of $115,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $115,000 which was recorded as a reduction in carrying value of the note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $42,500 was recorded through interest expense. The debt discount at September 30, 2018 was $62,917.

 

On March 5, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock.. The Note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On March 5, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2017 a charge to debt discount in the amount of $29,167 was recorded through interest expense. The debt discount at September 30, 2018 was $39,583.

 

On March 15, 2018, the Company issued a Convertible Promissory Note in the Amount of $60,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $60,000 which was recorded as a reduction in carrying value of the On March 15, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $24,167 was recorded through interest expense. The debt discount at September 30, 2018 was $30,833.

 

On April 2, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On April 2, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $37,500 was recorded through interest expense. The debt discount at September 30, 2018 was $37,500.

 

On April 11, 2018, the Company issued a Convertible Promissory Note in the Amount of $50,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On April 11, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $25,000 was recorded through interest expense. The debt discount at September 30, 2018 was $25,000.

 

On May 3, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On May 3, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the six months ended September 30, 2018 a charge to debt discount in the amount of $31,250 was recorded through interest expense. The debt discount at September 30, 2018 was $43,750.

 

On May 14, 2018, the Company issued a Convertible Promissory Note in the Amount of $75,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $75,000 which was recorded as a reduction in carrying value of the On May 14, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $31,250 was recorded through interest expense. The debt discount at September 30, 2018 was $43,750.

 

On May 30, 2018, the Company issued a Convertible Promissory Note in the Amount of $50,000. The note bears twelve percent (12%) interest per annum. The note shall be payable upon demand. Commencing on the Demand Date, all principal shall be payable by the Company upon demand made by the holder. The note is for a period of (12) months and cannot be converted until six (6) months from the issuance date. The holder shall have the right, exercisable in whole or in part, to convert the outstanding principal into a number of fully paid and non-assessable whole shares of the Company’s $0.001 par value common stock. The note contained a beneficial conversion feature which resulted in a debt discount of $50,000 which was recorded as a reduction in carrying value of the On May 14, 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $16,667 was recorded through interest expense. The debt discount at September 30, 2018 was $33,333.

 

Power Up Lending Group, Ltd. April 2, 2018 and May 22, 2018 Convertible Promissory Note

 

On April 2, 2018, the Company issued a Convertible Promissory Notes totaling $53,000 to a third-party (the “April 2018 Convertible Promissory Note”). The April 2018 Convertible Promissory Note matures on January 20, 2019, and accrues interest at a rate of 12% per annum. As of September 30, 2018, the outstanding principal was $53,000. The accrued interest balance at September 30, 2018 was $3,728. The effective interest rate at September 30, 2018 was 114%.

 

On May 22, 2018, the Company issued a Convertible Promissory Notes totaling $45,000 to a third-party (the “May 2018 Convertible Promissory Note”). The May 2018 Convertible Promissory Note matures on March 1, 2019, and accrues interest at a rate of 12% per annum. As of September 30, 2018, the outstanding principal was $45,000. The accrued interest balance at September 30, 2018 was $2,278. The effective interest rate at September 30, 2018 was 114%.

 

The holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default , each in respect of the remaining outstanding principal amount of this note to convert all or any part of the outstanding and unpaid principal amount of this note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the holder be entitled to convert any portion of this note in excess of that portion of this note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this provision is being made, would result in beneficial ownership by the holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.

 

The Conversion Price shall be equal to: (A) if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). “Market Price” means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. During the nine months ended September 30, 2018 the holder of the Note converted $68,000 of the outstanding principal balance, and $3,085 of accrued interest into 31,647,981 shares of Class A Common Stock.

 

The April 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $35,333 which was recorded as a reduction in carrying value of the April 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $26,500 was recorded through interest expense. At September 30, 2018, the debt discount was $8,833.

 

The May 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $30,000 which was recorded as a reduction in carrying value of the May 2018 Convertible Promissory Note and offset in in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $15,000 was recorded through interest expense. At September 30, 2018, the debt discount was $14,860.

 

2 Plus 2, LLC. September 4, 2018 Convertible Promissory Note

 

On September 4, 2018 the Company issued a Convertible Promissory Notes totaling $25,000 to a third-party for a purchase price of $22,500 (the “July 31, 2017 2 Plus 2 Convertible Promissory Note”). The September 4, 2018 2 Plus 2 Convertible Promissory Note matures on September 4, 2019, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018, the outstanding principal was $25,000. The accrued interest balance at September 30, 2018 was $121. In addition, the Company recorded an original issue discount (OID) in the amount of $2,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $208 through interest expense. The balance of the OID discount at September 30, 2018 was $2,292. The effective interest rate at September 30, 2018, was 285%.

 

The holder of the September 4, 2018 2 Plus 2 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 4, 2018 2 Plus 2 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 4, 2018 2 Plus 2 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The September 4, 2018 2 Plus 2 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $16,211 which was recorded as a reduction in carrying value of the September 4, 2018 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $1,351 was recorded through interest expense. At September 30, 2018, the debt discount was $14,860

 

In connection with the July 31, 2017 2 Plus 2 Convertible Promissory Note, the holder was issued 12,500,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $8,789 recorded as a reduction to the carrying value of the September 4, 2018 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $8,137.

 

Greentree Financial Group, Inc. September 27, 2018 Convertible Promissory Note

 

On September 27, 2018, the Company issued a Convertible Promissory Notes totaling $75,000 to a third-party for a purchase price of $67,500 (the “September 27, 2018 Convertible Promissory Note”). The September 27, 2018 Convertible Promissory Note matures on September 27, 2019, and accrues interest at a rate of 8% per annum. All unpaid principal and interest is due at maturity. As of September 30, 2018, the outstanding principal was $75,000. The accrued interest balance at September 30, 2018 and was $1,426. In addition, the Company recorded an original issue discount (OID) in the amount of $7,500. During the nine months ended September 30, 2018 a charge to the OID debt discount was recorded in the amount of $542 through interest expense. The balance of the OID discount at September 30, 2018 was $6,958.

 

The holder of the September 27, 2018 Convertible Promissory Note has the right to convert all or any part of the outstanding principal and accrued interest to shares of common stock of the Company. The September 27, 2018 Convertible Promissory Note can be converted by the holder in part from time to time after the issuance date by submitting notice of conversion. The September 27, 2018 Convertible Promissory Note are convertible at the option of the holder into that number of shares of the Company’s common stock determined by dividing such principal amount and accrued interest by the conversion rate. The conversion rate is defined as a price of sixty percent (60%) of the lowest closing price over the prior twenty 20-day trading period from the date of notice of conversion, but in no event shall the Conversion price be less than $0.001.

 

The September 27, 2018 Convertible Promissory Note contained a beneficial conversion feature which resulted in a debt discount of $58,369 which was recorded as a reduction in carrying value of the September 27, 2018 Convertible Promissory Notes and offset in mezzanine equity. During the nine months ended September 30, 2018 a charge to debt discount in the amount of $4,864 was recorded through interest expense. At September 30, 2018, the debt discount was $59,505.

 

In connection with the September 27, 2018 Convertible Promissory Note, the holder was issued 37,500,000 warrants exercisable at $0.035 expiring in July 2020. The Company determined the fair value of the warrants which resulted in a debt discount of $8,369 recorded as a reduction to the carrying value of the September 27, 2018 Convertible Promissory Note and offset in mezzanine equity. The balance of the fair value of the warrants at September 30, 2018 was $6,958.

 

Convertible Promissory Note Summary

 

The fair value of the embedded beneficial conversion features and the fair value of the warrants underlying the Convertible Promissory Notes were calculated pursuant to the Black-Scholes Model. The following table summarizes the carrying value of the Convertible Promissory Note as of September 30, 2018 and December 30, 2017:

 

    September 30, 2018     December 31, 2017  
             
Convertible Promissory Note   $ 2,479,818     $ 1,854,106  
Less: debt discount     (649,013 )     (142,523 )
Less: warrants     (24,756 )     (60,994 )
Less: OID     (20,583 )     -  
Total net carrying value   $ 1,785,466     $ 1,650,589  
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Income Taxes
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

8. Income Taxes

 

No provision for federal income taxes has been recognized for the nine months ended September 30, 2018 and twelve months ended December 31, 2017, as the Company has a net operating loss carry forward for income tax purposes available in each period. Additionally, it is uncertain if the Company will have taxable income in the future, so a valuation allowance has been established for the full value of net deferred tax assets. The deferred tax asset consists of net operating loss carry forwards and a cumulative deferral of tax deductions under the Cash Basis of Accounting, which the Company utilizes for tax purposes.

 

At September 30, 2017 and December 31, 2017, the Company has net operating loss carryforwards, of, $1,592,772 and $910,671, respectively for federal income tax purposes. This net operating loss carry forwards may be carried forward in carrying amounts until 2037 and may be limited in their use due to significant changes in Company’s ownership.

 

    9/30/2018     12/31/2017  
Net Operating Loss Carryforwards     1,592,772       910,671  
Accrual to Cash Accounting Differences     269,136       197,175  
Intangibles     (5,795 )     -  
Less: Valuation Allowance     (1,861,908 )     (1,107,847 )
                 
Net Deferred Tax Asset / (Liability)     (5,795 )     -  
                 
Current Federal & State Tax Provision     -          
Deferred Federal & State Tax Provision     305          
                 
Total Tax Provision     305          
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Shareholder Deficit
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Shareholder Deficit

9. Shareholder Deficit

 

The Company currently has an equity line of credit with Bellridge Capital, LLC whereas upon certain terms and conditions the Company has the right to issue and sell up to $2,500,000 worth of shares of the Company’s common Stock. During the nine months ended September 30, 2018 the Company drew down $79,500 on the equity line of credit and issued Bellridge Capital, LLC 27,083,334 shares of the Company’s Class A Common Stock.

 

During the nine months ended September 30, 2018, the Company issued 68,590,323 shares of Class A Common Stock for third-party services rendered. The fair market value of the services rendered were $277,490.

 

On May 31, 2017 the Company issued a Common Stock Purchase Warrant agreement to Crown Bridge Partners, LLC. During the nine months ended September 30, 2018 the Company issued 35,344,129 Class A Common Stock (“Warrant Shares”) to Crown Bridge Partners, LLC.

 

On September 5, 2018 the Company issued 7,867,834 Class A Common stock to a third-party for at the fair market price of $0.0006.

 

During the nine months ended September 30, 2018 there were 181,333,333 shares issued to Cede and Company, a specialist United States financial institution that processes transfers of stock certificates on behalf of Deposit Trust Company.

 

On June 1, 2018 the Company issued a 6.7% equity interest into one of its subsidiaries, Zenergy Power & Gas, Inc (ZP&G). ZP&G will have the right to re-purchase the 6.7% from anytime within the first 18 months at a price of 105% of the Share Purchase Agreement At no time during the initial eighteen months can the Holder sell, transfer, assign, will, or otherwise relinquish his control or rights to the 6.7% ownership into ZP&G

 

On June 25, 2018 the Company issued 100,000 Preferred Class A Shares to a third party for an equity contribution of $100,000. The maturity date of the agreement is December 25, 2018. The Company will have the right, at its sole discretion, to re-purchase the Preferred Shares at 120% of the Purchase Price, any time during the Term. In addition, 2,000,000 Warrant Cashless Share were issued to the Investors with a strike price of $0.01 per share (Common Shares). The Warrants have an expiration date of one year.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contingencies
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

10. Contingencies

 

In the ordinary course of conducting its business, the Company may be subject to loss contingencies including possible disputes and lawsuits. Management believes that any outcome of such contingences will not have a material impact on the Company’s financial position or results of future operations.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

 

The board of directors unanimously approved on July 30, 2018 to increase the authorized Class A Common Stock from 4,200,000,000 shares to 5,200,000,000 shares, which such shares will be issuable on such terms and conditions as the board of directors may determine from time to time. Subsequent to our board of directors’ approval of these amendments, the holders of a majority of the voting power of our voting stock, on July 30, 2018 approved, by written consent, the amendments. The consenting stockholders and their respective approximate ownership percentages of our voting stock totaled an aggregate of 65% of the outstanding voting stock.

 

Pursuant to Rule 14c-2 promulgated under the Exchange Act, the amendments discussed above will not be effected until at least 20 calendar days after the mailing of an Information Statement to the stockholders of the Company. The amendments have been filed with the Nevada Secretary of State.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Principals of Consolidation

Principals of Consolidation – The accompanying consolidated financial statements include the accounts of the Company, and its subsidiaries Zen Technologies, Inc. and Zen Power & Gas, Inc., All significant intercompany transactions and balances have been eliminated.
Use of Estimates

Use of Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying financial statements include, among others, revenue recognition, allowances for doubtful accounts, valuation of long-lived assets, and deferred income tax asset valuation allowances.

 

The financial statements are presented on the basis of the Company’s ability to continue as a going concern. See further information in Note 3. Going Concern.
Cash and Cash Equivalents

Cash and Cash Equivalents – The Company considers all highly-liquid investments with a maturity of three months or less, when purchased, to be cash equivalents.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts - The determination of collectability of the Company’s accounts receivable requires management to make judgments and estimates in order to determine the appropriate amount of allowance needed for doubtful accounts. The Company’s allowance for doubtful accounts is estimated to cover the risk of loss related to accounts receivable. This allowance is maintained at a level that management considers appropriate based on historical trends of write-offs, recoveries and credit losses, aging of accounts, and projected economic and market conditions. Different assumptions or changes in the economic circumstances could result in changes to the allowance. Accounts deemed uncollectible are applied against the allowance for doubtful accounts. At April 2, 2018 and December 31, 2017, the allowance for doubtful accounts totals $27,510.
Revenue Recognition for Retail Electricity

Revenue Recognition for Retail Electricity - The Company recognizes revenue when persuasive evidence of an arrangement exists, the product has been delivered or services have been performed, the selling price is fixed or determinable, and collection is reasonably assured and there are no further obligations to customers. The Company recognizes upon delivery of electricity to a customer. The Company’s revenue relies upon Electric Reliability Council of Texas (“ERCOT”) settlement statements to determine the revenue based upon services delivered.
Prepaid Expenses

Prepaid Expenses – As of September 30, 2018, and December 31, 2017 prepaid expenses totaled $96,250 and $34,066, respectively. The balance of prepaid expenses consists of business insurance and rent related expenses.
Fair Value of Financial Instruments

Fair Value of Financial Instruments - The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of accounts receivable, financed receivables, prepaid and other current assets, and accounts payable and accrued expenses approximate the carrying amounts due to the relatively short maturity of these instruments. The carrying value of short- and long-term debt also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes.
Basic and Diluted Net Loss Per Common Stock

Basic and Diluted Net Loss per Common Stock – Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The dilutive shares outstanding at September 30, 2018 and December 31, 2017 are as follows:

 

    September 30, 2018     December 31, 2017  
             
Related party convertible promissory notes     83,333,333       56,333,333  
Related Party Warrants     32,166,767       32,166,667  
Convertible promissory notes     1,375,004,658       299,860,000  
Warrants     78,161,000       19,161,000  
Diluted shares outstanding     1,568,665,758       407,521,000  
Income Taxes

Income Taxes – The Company estimates its current tax position together with its future tax consequences attributable to temporary differences resulting from differing treatment of items, such as depreciation and other reserves for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities. Management must then assess the likelihood that its deferred tax assets will be recovered from future taxable income, prior year carryback, or future reversals of existing taxable temporary differences. To the extent management believes that recovery is unlikely, management establishes a valuation allowance against these deferred tax assets. Significant judgment is required in determining the Company’s provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance recorded against its deferred tax assets. At September 30, 2018 and December 31, 2017, the Company has recorded a tax liability of $6,100 at September 30, 2018 against its net deferred tax assets due to the uncertainty these assets will be used in the future. A charge in the amount of $204 was recorded in interest expense and offset to the deferred tax liability at September 30, 2018.
Sales-type Leasing and Related Revenue Recognition

Sales-type Leasing and Related Revenue Recognition - The Company installs and leases energy equipment to its customer under a Managed Energy Services Agreement (“MESA”). The Company typically transfers ownership of the equipment to its customers at the end of the lease through a purchase option. The investment in these projects is recorded as an investment on sales-type leases in accordance with Financial Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, “Leases”, and its various amendments and interpretations. The Company finances energy efficiency projects. The sales and cost of sales are recognized upon completion of the installation of equipment. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs, if any. While revenue is recognized at the project completion date, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.
Financing Receivables

Financing Receivables – Finance receivables are receivables that the Company has the intent and ability to hold for the foreseeable future or until maturity, or receivables associated with an on-balance sheet securitization classified as secured financing. The financing receivables are reported at the principal amount outstanding, net of deferred interest and offset to deferred revenue. The Company manages the economic risks exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting the servicing and collection activities. The deferred revenue is amortized over the contractual life of the related finance receivable in accordance with FASB ASC 842. Finance receivables are classified as either short-term or long-term assets.
Software Development Costs

Software Development Costs – The Company capitalizes certain expenditures to the development of its software application. Capitalization begins when technological feasibility is established. Capitalized costs are amortized using the straight-line method over the estimated useful life of the developed product.
Beneficial Conversion Feature

Beneficial Conversion Feature - The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options, Emerging Issues Task Force (“EITF”) 98-5, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, and EITF 00-27, Application of Issue No 98-5 To Certain Convertible Instruments. The Beneficial Conversion Feature (“BCF”) of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved.

 

The BCF of a convertible note is measured by allocating a portion of the note’s proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.
Classification

Classification - The Company had classified the beneficial conversion feature of the convertible notes as mezzanine equity on the consolidated balance sheets as the stock was contingently redeemable. Upon the occurrence of certain change in control events that are outside the Company’s control, including liquidation, sale or transfer of the Company, holders of the convertible preferred stock could cause redemption for cash. Pursuant to ASC 480-10-S99-3A, the SEC finds that a BCF should be separated from a convertible instrument and recorded in additional paid-in capital. However, Company’s filing with the SEC should present BCF as mezzanine equity in order to distinguish them from permanent equity. The balance sheet reflects the redeemable equity instruments as mezzanine equity separate from permanent equity.
New Pronouncements

New Pronouncements

 

Revenue from contracts with customers - In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”.
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Dilutive Shares Outstanding

The dilutive shares outstanding at September 30, 2018 and December 31, 2017 are as follows:

 

    September 30, 2018     December 31, 2017  
             
Related party convertible promissory notes     83,333,333       56,333,333  
Related Party Warrants     32,166,767       32,166,667  
Convertible promissory notes     1,375,004,658       299,860,000  
Warrants     78,161,000       19,161,000  
Diluted shares outstanding     1,568,665,758       407,521,000  
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Schedule of Financing Receivables

Finance receivables, net are related to the sales-type leases under ASC 842 (“Leases”), and are as follows at September 30, 2018:

 

Gross receivables sales   $ 2,062,543  
Deferred implied interest     (788,672 )
Finance receivables, net     1,273,871  
Less current portion of finance receivables, net     (42,867 )
Finance receivables due after one year   $ 1,231,004  
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes and Warrants (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Carrying Value of Convertible Promissory Notes

The following table summarizes the carrying value of the Convertible Promissory Note as of September 30, 2018 and December 30, 2017:

 

    September 30, 2018     December 31, 2017  
             
Convertible Promissory Note   $ 2,479,818     $ 1,854,106  
Less: debt discount     (649,013 )     (142,523 )
Less: warrants     (24,756 )     (60,994 )
Less: OID     (20,583 )     -  
Total net carrying value   $ 1,785,466     $ 1,650,589  
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

    9/30/2018     12/31/2017  
Net Operating Loss Carryforwards     1,592,772       910,671  
Accrual to Cash Accounting Differences     269,136       197,175  
Intangibles     (5,795 )     -  
Less: Valuation Allowance     (1,861,908 )     (1,107,847 )
                 
Net Deferred Tax Asset / (Liability)     (5,795 )     -  
                 
Current Federal & State Tax Provision     -          
Deferred Federal & State Tax Provision     305          
                 
Total Tax Provision     305          
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization - Nature of Operations (Details Narrative) - USD ($)
 9 Months Ended
Apr. 03, 2018
Sep. 30, 2018
Jun. 02, 2018
Enertrade Electric LLC [Member]      
Issued and outstanding equity interests percentage 87.37%    
Zenergy Power and Gas, Inc [Member]      
Issued and outstanding equity interests percentage     6.70%
Aggregate purchased interest value $ 1,650,000    
Cash consideration for equity interests consummated 500,000    
Debt principal amount $ 1,150,000    
Minimum [Member]      
Percentage of reduction utility expenses   20.00%  
Maximum [Member]      
Percentage of reduction utility expenses   60.00%  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2018
Apr. 02, 2018
Dec. 31, 2017
Accounting Policies [Abstract]      
Allowance for doubtful accounts $ 26,000 $ 27,510 $ 27,510
Prepaid expenses 96,250   34,066
Deferred tax liability 6,100   $ 6,100
Interest expense $ 204    
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Dilutive Shares Outstanding (Details) - shares
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Diluted shares outstanding 1,568,665,758 407,521,000
Related Party Convertible Promissory Notes [Member]    
Diluted shares outstanding 83,333,333 56,333,333
Related Party Warrants [Member]    
Diluted shares outstanding 32,166,767 32,166,667
Convertible Promissory Notes [Member]    
Diluted shares outstanding 1,375,004,658 299,860,000
Warrants [Member]    
Diluted shares outstanding 78,161,000 19,161,000
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going Concern (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Net loss $ (1,104,699) $ (832,469) $ (3,598,472) $ (2,164,422) $ (3,303,121)
Accumulated deficit (8,564,688)   (8,564,688)   $ (5,632,011)
Working capital deficit $ (4,770,782) $ (2,154,380) (4,770,782) (2,154,380)  
Negative cash flow from continuing operating activity     $ (2,314,053) $ (1,459,590)  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Finance Receivables - Schedule of Financing Receivables (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Receivables [Abstract]    
Gross receivable sales $ 2,062,543  
Deferred implied interest (788,672)  
Finance receivables, net 1,273,871  
Less current portion of finance receivables, net (42,867)  
Finance receivables due after one year $ 1,231,004 $ 54,378
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details Narrative) - USD ($)
 9 Months Ended
Mar. 26, 2018
Mar. 29, 2017
Sep. 30, 2018
Dec. 31, 2017
Debt discount     $ 0 $ 0
Promissory Note Agreement [Member]        
Debt discount     13,936  
Promissory Note Agreement [Member] | Additional Warrants [Member]        
Warrant to purchase shares of common stock   17,000,000    
Promissory Note Agreement [Member] | Third Party [Member]        
Debt face amount   $ 40,000    
Debt instrument interest rate   10.00%    
Debt maturity date   May 15, 2017    
Promissory note, principal balance     40,000  
Accrued interest     4,022  
Warrant to purchase shares of common stock   1,000,000    
Warrant exercise price per share   $ 0.02    
Warrant term   1 year    
Debt extended maturity date   May 15, 2018    
Debt discount   $ 31,347    
March 2018 Promissory Note [Member] | Third Party [Member]        
Debt face amount $ 600,000      
Debt instrument interest rate 10.00%      
Debt maturity date Mar. 26, 2019      
Promissory note, principal balance     600,000  
Accrued interest     $ 35,172  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Convertible Promissory Note (Details Narrative) - USD ($)
 9 Months Ended
Nov. 20, 2015
Sep. 30, 2018
Dec. 31, 2017
Related party convertible promissory note gross   $ 205,000 $ 169,000
Line of credit maximum availability   250,000 250,000
Debt discount   0 0
Related Party Convertible Promissory Note [Member]      
Debt instrument interest rate 2.00%    
Accrued interest   $ 11,693 $ 8,021
Debt maturity date Dec. 31, 2018    
Debt instrument effective interest rate   114.00%  
November 2015 Related Party Convertible Promissory Note [Member]      
Conversion price   $ 0.003  
Debt beneficial conversion feature   $ 155,660  
Fair value of warrants   $ 37,366  
Related Party Convertible Promissory Note Holder [Member]      
Number of warrants issued during the period   32,166,667  
Warrants exercise price per share     $ 0.05
Warrant expiration date   November 2020  
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes and Warrants (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 27, 2018
USD ($)
Number
$ / shares
Sep. 04, 2018
USD ($)
Number
$ / shares
May 30, 2018
USD ($)
$ / shares
May 22, 2018
USD ($)
May 14, 2018
USD ($)
$ / shares
May 03, 2018
USD ($)
$ / shares
Apr. 11, 2018
USD ($)
$ / shares
Apr. 02, 2018
USD ($)
$ / shares
Mar. 15, 2018
USD ($)
$ / shares
Mar. 05, 2018
USD ($)
$ / shares
Feb. 20, 2018
USD ($)
$ / shares
Feb. 06, 2018
USD ($)
$ / shares
Jan. 29, 2018
USD ($)
$ / shares
Jan. 17, 2018
USD ($)
Jan. 12, 2018
USD ($)
$ / shares
Jan. 09, 2018
USD ($)
Jan. 08, 2018
USD ($)
$ / shares
Jan. 02, 2018
USD ($)
$ / shares
Dec. 15, 2017
USD ($)
$ / shares
Dec. 13, 2017
USD ($)
Number
$ / shares
Dec. 01, 2017
USD ($)
$ / shares
Nov. 17, 2017
USD ($)
$ / shares
Nov. 13, 2017
USD ($)
Number
Oct. 02, 2017
USD ($)
$ / shares
shares
Sep. 20, 2017
USD ($)
Number
$ / shares
Aug. 01, 2017
USD ($)
Number
$ / shares
shares
Jul. 31, 2017
USD ($)
$ / shares
shares
Jul. 31, 2017
USD ($)
Number
$ / shares
shares
Jul. 28, 2017
USD ($)
Number
$ / shares
shares
Jun. 20, 2017
USD ($)
Number
$ / shares
shares
May 31, 2017
USD ($)
$ / shares
shares
Apr. 25, 2017
USD ($)
Number
$ / shares
shares
Mar. 17, 2017
USD ($)
Number
$ / shares
shares
Nov. 25, 2016
USD ($)
Number
$ / shares
shares
Sep. 06, 2016
USD ($)
Number
$ / shares
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
$ / shares
Jul. 30, 2018
Amortization of debt discount                                                                         $ 1,232,376 $ 262,736    
Debt discount                                                                       $ 0 0   $ 0  
Repayment of convertible note                                                                         120,000    
Convertible promissory notes, purchase price                                                                         1,314,000 917,000    
Debt conversion, converted instrument, amount                                                                         $ 521,814    
Class A Common Stock [Member]                                                                                
Equity interest, Percentage                                                                               65.00%
Common stock, par value | $ / shares                                                                       $ 0.001 $ 0.001   $ 0.001  
Class A Common Stock [Member]                                                                                
Accrued interest                                                                       $ 3,085 $ 3,085      
Debt conversion, converted instrument, shares | shares                                                                         31,647,981      
Debt conversion, converted instrument, amount                                                                         $ 68,000      
September 2016 Convertible Promissory Note [Member] | Ziegler [Member]                                                                                
Debt principal amount                                                                     $ 300,000          
Convertible promissory note due date                                                                     Sep. 05, 2018          
Debt instrument interest rate                                                                     10.00%          
Convertible promissory notes outstanding                                                                       300,000 300,000   $ 300,000  
Accrued interest                                                                       $ 52,533 $ 52,533   39,534  
Debt instrument effective interest rate                                                                       82.00% 82.00%      
Debt instrument, convertible stock price percentage                                                                     70.00%          
Convertible, consecutive trading days | Number                                                                     10          
Maximum debt conversion price per share | $ / shares                                                                     $ 0.02          
Debt beneficial conversion feature                                                                     $ 158,688          
Amortization of debt discount                                                                         $ 52,896   80,171  
Debt discount                                                                       $ 0 0      
Number of warrants issued during the period | shares                                                                     6,000,000          
Warrants exercise price per share | $ / shares                                                                     $ 0.05          
Warrants expiration term                                                                     September 2018          
Fair value of warrants                                                                     $ 30,117   0   10,039  
November 2016 Convertible Promissory Notes [Member] | Steffan Ziegler [Member]                                                                                
Debt principal amount                                                                   $ 200,000            
Convertible promissory note due date                                                                   Nov. 24, 2018            
Debt instrument interest rate                                                                   10.00%            
Convertible promissory notes outstanding                                                                       200,000 200,000   200,000  
Accrued interest                                                                       $ 37,194 $ 37,194   22,027  
Debt instrument effective interest rate                                                                       79.00% 79.00%      
Debt instrument, convertible stock price percentage                                                                   70.00%            
Convertible, consecutive trading days | Number                                                                   10            
Maximum debt conversion price per share | $ / shares                                                                   $ 0.02            
Debt beneficial conversion feature                                                                   $ 99,123            
Amortization of debt discount                                                                         $ 37,171   49,562  
Debt discount                                                                       $ 8,260 8,260   45,431  
Number of warrants issued during the period | shares                                                                   4,000,000            
Warrants exercise price per share | $ / shares                                                                   $ 0.05            
Warrants expiration term                                                                   November 2019            
Fair value of warrants                                                                   $ 13,409     803   5,832  
March 15, 2017 Convertible Promissory Notes [Member] | Collision Capital, LLC [Member]                                                                                
Debt principal amount                                                                 $ 50,000              
Convertible promissory note due date                                                                 Mar. 15, 2018              
Debt instrument interest rate                                                                 12.00%              
Convertible promissory notes outstanding                                                                       50,000 50,000   50,000  
Accrued interest                                                                       10,624 10,624   2,958  
Debt instrument, convertible stock price percentage                                                                 50.00%              
Convertible, consecutive trading days | Number                                                                 5              
Debt instrument description                                                                 Not less than three (3) days advance written notice ("Conversion Notice"), at any time or from time to time, six (6) months after the Closing, the Holder at its sole option, may convert the outstanding Principal Amount of this Note, or any portion of the Principal Amount hereof, and any accrued interest, in whole or in part, into shares of the common stock of the Company (the "Common Stock"). Any amount so converted will be converted into common stock of the Company at a price of 50% of the lowest closing price on the primary trading market on which the Company's Common Stock is quoted for the five (5) trading days immediately prior to but not including the Conversion Date ("Conversion Price").              
March 2017 Convertible Promissory Note [Member] | Bellridge Capital, LP [Member]                                                                                
Debt principal amount                                                                 $ 82,500              
Debt instrument interest rate                                                                 12.00%              
Amortization of debt discount                                                                           8,168    
Debt discount                                                                       0 0      
Warrants exercise price per share | $ / shares                                                                 $ 0.03              
Fair value of warrants                                                                         0      
March 2017 Convertible Promissory Note [Member] | Bellridge Capital [Member]                                                                                
Convertible promissory note due date                                                                 Mar. 17, 2018              
Accrued interest                               $ 8,167                                                
Debt beneficial conversion feature                                                                 $ 38,308              
Number of warrants issued during the period | shares                                                                 500,000              
Warrants expiration term                                                                 March 2020              
Fair value of warrants                                                                 $ 2,951              
Repayment of convertible note                               82,500                                                
Prepayment penalty                               $ 16,500                                                
April 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         18,544      
April 2017 Convertible Promissory Note [Member] | Bellridge Capital, LP [Member]                                                                                
Debt principal amount                                                               $ 82,500                
Convertible promissory note due date                                                               Apr. 25, 2018                
Debt instrument interest rate                                                               12.00%                
Convertible promissory notes outstanding                                                                       82,500 82,500   82,500  
Accrued interest                                                                       $ 14,290 $ 14,290   6,781  
Debt instrument effective interest rate                                                                       85.00% 85.00%      
Debt instrument, convertible stock price percentage                                                               60.00%                
Convertible, consecutive trading days | Number                                                               20                
Maximum debt conversion price per share | $ / shares                                                               $ 0.03                
Debt beneficial conversion feature                                                               $ 55,632                
Amortization of debt discount                                                                         $ 0      
Debt discount                                                                       $ 2,500 2,500      
Number of warrants issued during the period | shares                                                               500,000                
Warrants exercise price per share | $ / shares                                                               $ 0.05                
Warrants expiration term                                                               April 2020                
Fair value of warrants                                                               $ 632         453      
Debt original issue discount                                                                       7,500 7,500      
Debt outstanding original issue discount                                                                       0 0      
Debt conversion price per share | $ / shares                                                               $ 0.001                
June 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         65,666      
June 2017 Convertible Promissory Note [Member] | Bellridge Capital, LP [Member]                                                                                
Debt principal amount                                                           $ 187,000                    
Convertible promissory note due date                                                           Jun. 20, 2018                    
Debt instrument interest rate                                                           12.00%                    
Convertible promissory notes outstanding                                                                       187,000 187,000   187,000  
Accrued interest                                                                       $ 28,712 $ 28,712   11,927  
Debt instrument effective interest rate                                                                       131.00% 131.00%      
Debt instrument, convertible stock price percentage                                                           60.00%                    
Convertible, consecutive trading days | Number                                                           20                    
Maximum debt conversion price per share | $ / shares                                                           $ 0.03                    
Debt beneficial conversion feature                                                           $ 131,332                    
Amortization of debt discount                                                                         $ 0      
Debt discount                                                                       $ 9,350 9,350      
Number of warrants issued during the period | shares                                                           500,000                    
Warrants exercise price per share | $ / shares                                                           $ 0.03                    
Warrants expiration term                                                           June 2020                    
Fair value of warrants                                                           $ 6,665             3,888      
Convertible promissory notes, purchase price                                                           $ 170,000                    
Debt original issue discount                                                                       18,700 18,700      
Debt outstanding original issue discount                                                                       0 0      
Debt conversion price per share | $ / shares                                                           $ 0.001                    
July 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         51,764      
July 2017 Convertible Promissory Note [Member] | Auctus Fund, LLC [Member]                                                                                
Debt principal amount                                                         $ 200,000                      
Convertible promissory note due date                                                         Apr. 28, 2018                      
Debt instrument interest rate                                                         10.00%                      
Convertible promissory notes outstanding                                                                       82,432 82,432   141,373  
Accrued interest                                                                       $ 5,464 $ 5,464   1,425  
Debt instrument effective interest rate                                                                       121.00% 121.00%      
Debt instrument, convertible stock price percentage                                                         60.00%                      
Convertible, consecutive trading days | Number                                                         20                      
Maximum debt conversion price per share | $ / shares                                                         $ 0.04                      
Debt beneficial conversion feature                                                         $ 136,699                      
Amortization of debt discount                                                                         $ 1,577      
Debt discount                                                                       $ 0 0      
Number of warrants issued during the period | shares                                                         666,000                      
Warrants exercise price per share | $ / shares                                                         $ 0.03                      
Warrants expiration term                                                         July 2022                      
Fair value of warrants                                                         $ 3,366               2,015      
Convertible promissory notes, purchase price                                                         $ 195,000                      
Debt original issue discount                                                                       5,000 5,000      
Debt outstanding original issue discount                                                                       0 0      
Debt conversion price per share | $ / shares                                                         $ 0.001                      
July 2017 Convertible Promissory Note [Member] | Auctus Fund, LLC [Member] | Class A Common Stock [Member]                                                                                
Accrued interest                                                                       $ 8,954 8,954      
Debt conversion, converted instrument, shares | shares                                                                       43,500,000        
Debt conversion, converted instrument, amount                                                                       $ 58,941        
July 2017 Convertible Promissory Note One [Member]                                                                                
Amortization of debt discount                                                                         35,933      
Debt discount                                                                       0 0      
July 2017 Convertible Promissory Note One [Member] | Morningview Financial, LLC [Member]                                                                                
Debt principal amount                                                     $ 105,000 $ 105,000                        
Convertible promissory note due date                                                       Jul. 31, 2018                        
Debt instrument interest rate                                                     10.00% 10.00%                        
Convertible promissory notes outstanding                                                                       39,983 39,983   105,000  
Accrued interest                                                                       $ 8,846 $ 8,846   4,401  
Debt instrument effective interest rate                                                                       163.00% 163.00%      
Debt instrument, convertible stock price percentage                                                       60.00%                        
Convertible, consecutive trading days | Number                                                       20                        
Maximum debt conversion price per share | $ / shares                                                     $ 0.03 $ 0.03                        
Debt beneficial conversion feature                                                       $ 70,000                        
Debt discount                                                                       $ 2,158 $ 2,158      
Convertible promissory notes, purchase price                                                       $ 100,000                        
Debt original issue discount                                                                       5,000 5,000      
Debt outstanding original issue discount                                                                       0 $ 0      
Debt conversion price per share | $ / shares                                                       $ 0.001                        
July 2017 Convertible Promissory Note One [Member] | Morningview Financial, LLC [Member] | Class A Common Stock [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                                                         35,150,726      
Debt conversion, converted instrument, amount                                                                         $ 52,017      
July 2017 Convertible Promissory Note Two [Member]                                                                                
Amortization of debt discount                                                                         5,100      
Debt discount                                                                       0 0      
July 2017 Convertible Promissory Note Two [Member] | 2 Plus 2, LLC [Member]                                                                                
Debt principal amount                                                     $ 25,000 $ 25,000                        
Convertible promissory note due date                                                       Jul. 31, 2018                        
Debt instrument interest rate                                                     8.00% 8.00%                        
Convertible promissory notes outstanding                                                                       12,233 12,233   12,233  
Accrued interest                                                                       $ 1,562 $ 1,562   838  
Debt instrument effective interest rate                                                                       285.00% 285.00%      
Debt instrument, convertible stock price percentage                                                       60.00%                        
Convertible, consecutive trading days | Number                                                       20                        
Debt beneficial conversion feature                                                       $ 20,820                        
Debt discount                                                                       $ 525 $ 525      
Number of warrants issued during the period | shares                                                       250,000                        
Warrants exercise price per share | $ / shares                                                     $ 0.035 $ 0.035                        
Warrants expiration term                                                       July 2020                        
Fair value of warrants                                                       $ 4,180                 1,063      
Convertible promissory notes, purchase price                                                       $ 22,500                        
Debt original issue discount                                                                       2,500 2,500      
Debt outstanding original issue discount                                                                       0 0      
Debt conversion price per share | $ / shares                                                       $ 0.001                        
July 2017 Convertible Promissory Note Three [Member] | L&H Inc. [Member]                                                                                
Debt principal amount                                                     $ 25,000 $ 25,000                        
Convertible promissory note due date                                                       Jul. 31, 2018                        
Debt instrument interest rate                                                     8.00% 8.00%                        
Accrued interest                           $ 939                                                    
Debt beneficial conversion feature                                                       $ 20,820                        
Amortization of debt discount                                                                         12,145      
Debt discount                                                                       0 0      
Number of warrants issued during the period | shares                                                       500,000                        
Warrants exercise price per share | $ / shares                                                     $ 0.035 $ 0.035                        
Warrants expiration term                                                       August 2020                        
Fair value of warrants                                                       $ 4,180                 0      
Repayment of convertible note                           25,000                                                    
Prepayment penalty                           $ 2,594                                                    
Convertible promissory notes, purchase price                                                       22,500                        
August 1, 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         24,303      
Debt discount                                                                       0 0      
August 1, 2017 Convertible Promissory Note [Member] | Greentree Financial Group, Inc [Member]                                                                                
Debt principal amount                                                   $ 75,000                            
Convertible promissory note due date                                                   Jul. 31, 2018                            
Debt instrument interest rate                                                   8.00%                            
Convertible promissory notes outstanding                                                                       0 0   53,650  
Accrued interest                                                                       0 0   2,515  
Debt instrument, convertible stock price percentage                                                   60.00%                            
Convertible, consecutive trading days | Number                                                   20                            
Maximum debt conversion price per share | $ / shares                                                   $ 0.001                            
Debt beneficial conversion feature                                                   $ 46,291                            
Amortization of debt discount                                                                         2,700      
Number of warrants issued during the period | shares                                                   4,250,000                            
Warrants exercise price per share | $ / shares                                                   $ 0.035                            
Warrants expiration term                                                   July 2020                            
Fair value of warrants                                                   $ 28,709                     0      
Convertible promissory notes, purchase price                                                   $ 67,500                            
Debt original issue discount                                                                       7,500 7,500      
Debt outstanding original issue discount                                                                       0 0      
Debt conversion price per share | $ / shares                                                   $ 0.001                            
August 1, 2017 Convertible Promissory Note [Member] | Greentree Financial Group, Inc [Member] | Class A Common Stock [Member]                                                                                
Accrued interest                                                                       8,077 $ 8,077      
Debt conversion, converted instrument, shares | shares                                                                         48,092,968      
Debt conversion, converted instrument, amount                                                                         $ 53,650      
July 2017 Convertible Promissory Note Four [Member] | Financial Advisory Agreement [Member]                                                                                
Debt principal amount                                                   $ 25,000                            
Convertible promissory note due date                                                   Jul. 31, 2018                            
Debt instrument interest rate                                                   8.00%                            
Convertible promissory notes outstanding                                                                       0 0   25,000  
Accrued interest                                                                       0 0   838  
Debt instrument, convertible stock price percentage                                                   60.00%                            
Convertible, consecutive trading days | Number                                                   20                            
Maximum debt conversion price per share | $ / shares                                                   $ 0.03                            
Debt beneficial conversion feature                                                   $ 16,667                            
Amortization of debt discount                                                                         0      
Debt discount                                                                       9,723 9,723      
Debt conversion price per share | $ / shares                                                   $ 0.001                            
July 2017 Convertible Promissory Note Four [Member] | Class A Common Stock [Member] | Financial Advisory Agreement [Member]                                                                                
Accrued interest                                                                       6,638 $ 6,638      
Debt conversion, converted instrument, shares | shares                                                                         15,508,824      
Debt conversion, converted instrument, amount                                                                         $ 25,000      
September 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         41,575      
Debt discount                                                                       0 0      
September 2017 Convertible Promissory Note [Member] | JSJ Investments Inc [Member]                                                                                
Debt principal amount                                                 $ 110,000                              
Convertible promissory note due date                                                 Jun. 20, 2018                              
Debt instrument interest rate                                                 10.00%                              
Convertible promissory notes outstanding                                                                       15,000 15,000   110,000  
Accrued interest                                                                       $ 7,378 $ 7,378   3,074  
Debt instrument effective interest rate                                                                       110.00% 110.00%      
Debt instrument, convertible stock price percentage                                                 60.00%                              
Convertible, consecutive trading days | Number                                                 20                              
Maximum debt conversion price per share | $ / shares                                                 $ 0.02                              
Debt beneficial conversion feature                                                 $ 73,333                              
Amortization of debt discount                                                                         $ 3,188      
Convertible promissory notes, purchase price                                                 $ 105,000                              
Debt original issue discount                                                                       $ 5,000 5,000      
Debt outstanding original issue discount                                                                       0 $ 0      
Debt conversion price per share | $ / shares                                                 $ 0.001                              
September 2017 Convertible Promissory Note [Member] | JSJ Investments Inc [Member] | Class A Common Stock [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                                                         77,000,850      
Debt conversion, converted instrument, amount                                                                         $ 95,000      
October 2, 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         37,950      
Debt discount                                                                       50,600 50,600      
October 2, 2017 Convertible Promissory Note [Member] | Visa Capital Investments, LLC [Member]                                                                                
Debt principal amount                                               $ 220,000                                
Convertible promissory note due date                                               Oct. 02, 2019                                
Debt instrument interest rate                                               8.00%                                
Convertible promissory notes outstanding                                                                       121,000 121,000   220,000  
Accrued interest                                                                       $ 26,842 $ 26,842   17,600  
Debt instrument effective interest rate                                                                       78.00% 78.00%      
Maximum debt conversion price per share | $ / shares                                               $ 0.015                                
Debt beneficial conversion feature                                               $ 101,200                                
Amortization of debt discount                                                                         $ 5,000      
Debt discount                                                                       $ 10,000 10,000      
Convertible promissory notes, purchase price                                               $ 200,000                                
Debt original issue discount                                                                       20,000 $ 20,000      
October 2, 2017 Convertible Promissory Note [Member] | Visa Capital Investments, LLC [Member] | Purchase Agreement [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                               3,000,000                                
October 2, 2017 Convertible Promissory Note [Member] | Visa Capital Investments, LLC [Member] | Class A Common Stock [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                                                         109,964,727      
Debt conversion, converted instrument, amount                                                                         $ 99,000      
November 2017 Convertible Promissory Note [Member]                                                                                
Accrued interest                                                                       1,488 1,488      
Amortization of debt discount                                                                         28,475      
Debt discount                                                                       0 0      
November 2017 Convertible Promissory Note [Member] | Crown Bridge Partners, LLC [Member]                                                                                
Debt principal amount                                                             $ 46,000                  
Convertible promissory note due date                                                             Nov. 13, 2018                  
Debt instrument interest rate                                                             5.00%                  
Convertible promissory notes outstanding                                                                       0 0   46,000  
Accrued interest                                                                       $ 0 $ 0   302  
Debt instrument effective interest rate                                                                       230.00% 230.00%      
Maximum debt conversion price per share | $ / shares                                                             $ 0.015                  
Debt beneficial conversion feature                                                             $ 34,303                  
Amortization of debt discount                                                                         $ 6,000      
Number of warrants issued during the period | shares                                                             920,000                  
Warrants exercise price per share | $ / shares                                                             $ 0.05                  
Warrants expiration term                                                             November 2022                  
Fair value of warrants                                                             $ 11,697           0      
Convertible promissory notes, purchase price                                                             $ 40,000                  
Debt original issue discount                                                                       $ 6,000 6,000      
Debt outstanding original issue discount                                                                       0 $ 0      
November 2017 Convertible Promissory Note [Member] | Crown Bridge Partners, LLC [Member] | Class A Common Stock [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                                                         45,585,196      
Debt conversion, converted instrument, amount                                                                         $ 46,000      
November 13, 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         36,229      
Debt discount                                                                       0 0      
November 13, 2017 Convertible Promissory Note [Member] | Power Up Lending Group Ltd [Member]                                                                                
Debt principal amount                                             $ 68,000                                  
Convertible promissory note due date                                             Aug. 20, 2018                                  
Debt instrument interest rate                                             12.00%                                  
Convertible promissory notes outstanding                                                                       0 0   68,000  
Accrued interest                                                                       0 0   1,073  
Debt instrument, convertible stock price percentage                                             61.00%                                  
Convertible, consecutive trading days | Number                                             180                                  
Debt discount                                             $ 43,475                                  
Equity interest, Percentage                                             4.99%                                  
May 2018 Convertible Promissory Note [Member]                                                                                
Debt principal amount       $ 45,000                                                                        
Convertible promissory note due date       Mar. 01, 2019                                                                        
Debt instrument interest rate       12.00%                                                                        
Convertible promissory notes outstanding                                                                       45,000 45,000      
Accrued interest                                                                       $ 2,278 $ 2,278      
Debt instrument effective interest rate                                                                       114.00% 114.00%      
Maximum debt conversion price per share | $ / shares                                                                       $ 0.011 $ 0.011      
Debt beneficial conversion feature       $ 30,000                                                                 $ 43,475      
Amortization of debt discount       $ 15,000                                                                        
Debt discount                                                                       $ 14,860 $ 14,860      
Equity interest, Percentage                                                                       4.99% 4.99%      
Debt conversion, description       ) if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). "Market Price" means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.                                                                 if the Market Price is greater than or equal to $0.011, the greater of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); and (B) if the Market Price is less than $0.011 the lesser of: (i) the Variable Conversion Price (as defined herein) and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's ecurities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount rate of 39%). "Market Price" means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.      
May 2018 Convertible Promissory Note [Member] | Class A Common Stock [Member]                                                                                
Accrued interest                                                                       $ 3,085 $ 3,085      
Debt conversion, converted instrument, shares | shares                                                                         31,647,981      
Debt conversion, converted instrument, amount                                                                         $ 68,000      
December 13, 2017 Convertible Promissory Note [Member]                                                                                
Amortization of debt discount                                                                         15,278      
Debt discount                                                                       68,751 $ 68,751      
Debt conversion, description                                                                         The prepayment factor shall equal one hundred and fifty percent (150%), provided that such Prepayment factor shall equal one hundred and thirty five percent (135%) if the optional prepayment date occurs on or before the date which is ninety (90) days following the issue date.      
December 13, 2017 Convertible Promissory Note [Member] | EMA Financial, LLC [Member]                                                                                
Debt principal amount                                       $ 137,500                                        
Convertible promissory note due date                                       Dec. 13, 2018                                        
Debt instrument interest rate                                       12.00%                                        
Convertible promissory notes outstanding                                                                       99,170 $ 99,170   137,500  
Accrued interest                                                                       $ 12,231 $ 12,231   814  
Debt instrument effective interest rate                                                                       132.00% 132.00%      
Debt instrument, convertible stock price percentage                                       60.00%                                        
Convertible, consecutive trading days | Number                                       20                                        
Maximum debt conversion price per share | $ / shares                                       $ 0.00001                                        
Debt beneficial conversion feature                                       $ 91,667                                        
Amortization of debt discount                                                                         $ 4,000      
Convertible promissory notes, purchase price                                       $ 125,000                                        
Debt original issue discount                                                                       $ 12,500 12,500      
Debt outstanding original issue discount                                                                       0 $ 0      
Debt conversion price per share | $ / shares                                       $ 0.0001                                        
December 13, 2017 Convertible Promissory Note [Member] | EMA Financial, LLC [Member] | Class A Common Stock [Member]                                                                                
Debt conversion, converted instrument, shares | shares                                                                         60,000,000      
Debt conversion, converted instrument, amount                                                                         $ 38,330      
2017 Convertible Promissory Notes [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                                                                       $ 1,092,500 $ 1,092,500   $ 75,000  
Debt instrument interest rate                                                                       12.00% 12.00%   12.00%  
Accrued interest                                                                       $ 91,103 $ 91,103   $ 740  
Debt instrument effective interest rate                                                                       1212.00% 1212.00%      
Convertible Promissory Note One [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt instrument interest rate                                           12.00%                                    
Convertible promissory notes outstanding                                           $ 25,000                                    
Debt beneficial conversion feature                                           $ 25,000                                    
Amortization of debt discount                                                                         $ 18,250      
Debt discount                                                                       $ 4,167 4,167      
Repayment of convertible note                                                                         12,500      
Debt instrument, term                                           12 months                                    
Common stock, par value | $ / shares                                           $ 0.001                                    
Convertible Promissory Note Two [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt instrument interest rate                                         12.00%                                      
Convertible promissory notes outstanding                                         $ 25,000                                      
Debt beneficial conversion feature                                         $ 25,000                                      
Amortization of debt discount                                                                           $ 18,250    
Debt discount                                                                       4,167 4,167      
Debt instrument, term                                         12 months                                      
Common stock, par value | $ / shares                                         $ 0.001                                      
Convertible Promissory Note Three [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                                     $ 25,000                                          
Debt instrument interest rate                                     12.00%                                          
Debt beneficial conversion feature                                     $ 25,000                                          
Amortization of debt discount                                                                         18,250      
Debt discount                                                                       4,167 4,167      
Debt instrument, term                                     12 months                                          
Common stock, par value | $ / shares                                     $ 0.001                                          
Convertible Promissory Note Four [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                                   $ 25,000                                            
Debt instrument interest rate                                   12.00%                                            
Debt beneficial conversion feature                                   $ 25,000                                            
Amortization of debt discount                                                                         18,250      
Debt discount                                                                       4,167 4,167      
Debt instrument, term                                   12 months                                            
Common stock, par value | $ / shares                                   $ 0.001                                            
Convertible Promissory Note Five [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                                 $ 150,000                                              
Debt instrument interest rate                                 12.00%                                              
Debt beneficial conversion feature                                 $ 150,000                                              
Amortization of debt discount                                                                         79,167      
Debt discount                                                                       58,333 58,333      
Debt instrument, term                                 12 months                                              
Common stock, par value | $ / shares                                 $ 0.001                                              
Convertible Promissory Note Six [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                             $ 150,000                                                  
Debt instrument interest rate                             12.00%                                                  
Debt beneficial conversion feature                             $ 150,000                                                  
Amortization of debt discount                                                                         79,167      
Debt discount                                                                       58,333 58,333      
Debt instrument, term                             12 months                                                  
Common stock, par value | $ / shares                             $ 0.001                                                  
Convertible Promissory Note Seven [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                         $ 30,000                                                      
Debt instrument interest rate                         12.00%                                                      
Debt beneficial conversion feature                         $ 30,000                                                      
Amortization of debt discount                                                                         16,250      
Debt discount                                                                       11,250 11,250      
Debt instrument, term                         12 months                                                      
Common stock, par value | $ / shares                         $ 0.001                                                      
Convertible Promissory Note Eight [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                       $ 100,000                                                        
Debt instrument interest rate                       12.00%                                                        
Debt beneficial conversion feature                       $ 100,000                                                        
Amortization of debt discount                                                                         45,833      
Debt discount                                                                       45,833 45,833      
Debt instrument, term                       12 months                                                        
Common stock, par value | $ / shares                       $ 0.001                                                        
Convertible Promissory Note Nine [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                     $ 115,000                                                          
Debt instrument interest rate                     12.00%                                                          
Debt beneficial conversion feature                     $ 115,000                                                          
Amortization of debt discount                                                                         42,500      
Debt discount                                                                       62,917 62,917      
Debt instrument, term                     12 months                                                          
Common stock, par value | $ / shares                     $ 0.001                                                          
Convertible Promissory Note Ten [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                   $ 75,000                                                            
Debt instrument interest rate                   12.00%                                                            
Debt beneficial conversion feature                   $ 75,000                                                            
Amortization of debt discount                                                                         29,167      
Debt discount                                                                       39,583 39,583      
Debt instrument, term                   12 months                                                            
Common stock, par value | $ / shares                   $ 0.001                                                            
Convertible Promissory Note Eleven [Member] | RB Capital Partners, Inc [Member]                                                                                
Debt principal amount                 $ 60,000                                                              
Debt instrument interest rate                 12.00%                                                              
Debt beneficial conversion feature                 $ 60,000                                                              
Amortization of debt discount                                                                         24,167      
Debt discount                                                                       30,833 30,833      
Debt instrument, term                 12 months                                                              
Common stock, par value | $ / shares                 $ 0.001                                                              
Convertible Promissory Note Twelve [Member]                                                                                
Debt principal amount               $ 75,000                                                                
Debt instrument interest rate               12.00%                                                                
Debt beneficial conversion feature               $ 75,000                                                                
Amortization of debt discount                                                                         37,500      
Debt discount                                                                       37,500 37,500      
Debt instrument, term               12 months                                                                
Common stock, par value | $ / shares               $ 0.001                                                                
Convertible Promissory Note Thirteen [Member]                                                                                
Debt principal amount             $ 50,000                                                                  
Debt instrument interest rate             12.00%                                                                  
Debt beneficial conversion feature             $ 75,000                                                                  
Amortization of debt discount                                                                         25,000      
Debt discount                                                                       25,000 25,000      
Debt instrument, term             12 months                                                                  
Common stock, par value | $ / shares             $ 0.001                                                                  
Convertible Promissory Note Fourteen [Member]                                                                                
Debt principal amount           $ 75,000                                                                    
Debt instrument interest rate           12.00%                                                                    
Debt beneficial conversion feature           $ 75,000                                                                    
Amortization of debt discount                                                                         31,250      
Debt discount                                                                       43,750 43,750      
Debt instrument, term           12 months                                                                    
Common stock, par value | $ / shares           $ 0.001                                                                    
Convertible Promissory Note Fifteen [Member]                                                                                
Debt principal amount         $ 75,000                                                                      
Debt instrument interest rate         12.00%                                                                      
Debt beneficial conversion feature         $ 75,000                                                                      
Amortization of debt discount                                                                         31,250      
Debt discount                                                                       43,750 43,750      
Debt instrument, term         12 months                                                                      
Common stock, par value | $ / shares         $ 0.001                                                                      
Convertible Promissory Note Sixteen [Member]                                                                                
Debt principal amount     $ 50,000                                                                          
Debt instrument interest rate     12.00%                                                                          
Debt beneficial conversion feature     $ 50,000                                                                          
Amortization of debt discount                                                                         16,667      
Debt discount                                                                       33,333 33,333      
Debt instrument, term     12 months                                                                          
Common stock, par value | $ / shares     $ 0.001                                                                          
April 2, 2018 and May 22, 2018 Convertible Promissory Note [Member]                                                                                
Debt principal amount               $ 53,000                                                                
Convertible promissory note due date               Jan. 20, 2019                                                                
Debt instrument interest rate               12.00%                                                                
Convertible promissory notes outstanding                                                                       53,000 53,000      
Accrued interest                                                                       $ 3,728 $ 3,728      
Debt instrument effective interest rate                                                                       114.00% 114.00%      
April 2018 Convertible Promissory Note [Member]                                                                                
Debt beneficial conversion feature                                                                         $ 35,333      
Amortization of debt discount                                                                         26,500      
Debt discount                                                                       $ 8,833 8,833      
September 4, 2018 Convertible Promissory Note [Member] | 2 Plus 2, LLC [Member]                                                                                
Debt principal amount   $ 25,000                                                                            
Convertible promissory note due date   Sep. 04, 2019                                                                            
Debt instrument interest rate   8.00%                                                                            
Convertible promissory notes outstanding                                                                       25,000 25,000      
Accrued interest                                                                       121 121      
Debt instrument effective interest rate   285.00%                                                                            
Debt instrument, convertible stock price percentage   60.00%                                                                            
Convertible, consecutive trading days | Number   20                                                                            
Maximum debt conversion price per share | $ / shares   $ 0.001                                                                            
Debt beneficial conversion feature   $ 16,211                                                                            
Amortization of debt discount   208                                                                     1,351      
Debt discount                                                     $ 8,789 $ 8,789               14,860 14,860      
Number of warrants issued during the period | shares                                                     12,500,000                          
Warrants exercise price per share | $ / shares                                                     $ 0.035 $ 0.035                        
Warrants expiration term                                                     July 2020                          
Convertible promissory notes, purchase price   $ 22,500                                                                            
Debt original issue discount                                                                       2,500 2,500      
Debt outstanding original issue discount                                                                       2,292 2,292      
September 27, 2018 Convertible Promissory Note [Member] | Greentree Financial Group, Inc [Member]                                                                                
Debt principal amount $ 75,000                                                                              
Convertible promissory note due date Sep. 27, 2019                                                                              
Debt instrument interest rate 8.00%                                                                              
Convertible promissory notes outstanding                                                                       75,000 75,000      
Accrued interest                                                                       $ 1,426 1,426      
Debt instrument, convertible stock price percentage 60.00%                                                                              
Convertible, consecutive trading days | Number 20                                                                              
Maximum debt conversion price per share | $ / shares $ 0.001                                                                              
Debt beneficial conversion feature $ 58,369                                                                              
Amortization of debt discount 4,864                                                                       $ 542      
Debt discount 59,505                                                                              
Number of warrants issued during the period | shares                                                                         37,500,000      
Warrants exercise price per share | $ / shares                                                                       $ 0.035 $ 0.035      
Warrants expiration term                                                                         July 2020      
Convertible promissory notes, purchase price 67,500                                                                              
Debt original issue discount                                                                       $ 7,500 $ 7,500      
Debt outstanding original issue discount                                                                       $ 6,958 $ 6,958      
September 27, 2018 Convertible Promissory Note [Member] | Greentree Financial Group, Inc [Member] | Warrants [Member]                                                                                
Debt discount 8,369                                                                              
Fair value of warrants $ 6,958                                                                              
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes and Warrants - Schedule of Carrying Value of Convertible Promissory Notes (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Less: debt discount $ 0 $ 0
Convertible Promissory Notes [Member]    
Convertible Promissory Note 2,479,818 1,854,106
Less: debt discount (649,013) (142,523)
Less: warrants (24,756) (60,994)
Less: OID (20,583)
Total net carrying value $ 1,785,466 $ 1,650,589
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]    
Net operating loss carry forwards $ 1,592,772 $ 910,671
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]    
Net Operating Loss Carryforwards $ 1,592,772 $ 910,671
Accrual to Cash Accounting Differences 269,136 197,175
Intangibles (5,795)
Less: Valuation Allowance (1,861,908) (1,107,847)
Net Deferred Tax Asset / (Liability) (5,795)
Current Federal & State Tax Provision  
Deferred Federal & State Tax Provision 305  
Total Tax Provision $ 305  
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Shareholder Deficit (Details Narrative) - USD ($)
 9 Months Ended
Sep. 05, 2018
Jun. 25, 2018
Jun. 02, 2018
Sep. 30, 2018
Jul. 30, 2018
Investors [Member]          
Number of warrants issued   2,000,000      
Strike price per share   $ 0.01      
Warrant expiration term   1 year      
Class A Common Stock [Member]          
Equity interest, Percentage         65.00%
Class A Common Stock [Member] | Third Party [Member]          
Number of stock issued during period 7,867,834        
Fair market price $ 0.0006        
Preferred Class A Shares [Member] | Third Party [Member]          
Number of stock issued during period   100,000      
Repurchase of stock, percentage   120.00%      
Stock issued during period, value   $ 100,000      
Agreement maturity date   Dec. 25, 2018      
Bellridge Capital, LLC [Member]          
Line of credit       $ 2,500,000  
Drew down from equity line of credit       $ 79,500  
Number of stock issued during period       27,083,334  
Bellridge Capital, LLC [Member] | Class A Common Stock [Member]          
Stock issued during period shares issued for services       68,590,323  
Stock issued during period value issued for services       $ 277,490  
Crown Bridge Partners, LLC [Member] | Class A Common Stock [Member] | Common Stock Purchase Warrant Agreement [Member]          
Number of stock issued during period       35,344,129  
Zenergy Power and Gas, Inc [Member]          
Stock repurchase, description     On June 1, 2018 the Company issued a 6.7% equity interest into one of its subsidiaries, Zenergy Power & Gas, Inc (ZP&G). ZP&G will have the right to re-purchase the 6.7% from anytime within the first 18 months at a price of 105% of the Share Purchase Agreement At no time during the initial eighteen months can the Holder sell, transfer, assign, will, or otherwise relinquish his control or rights to the 6.7% ownership into ZP&G    
Equity interest, Percentage     6.70%    
Zenergy Power and Gas, Inc [Member] | Share Purchase Agreement [Member]          
Repurchase of stock, percentage     105.00%    
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Narrative) - Class A Common Stock [Member] - shares
Sep. 30, 2018
Jul. 30, 2018
Dec. 31, 2017
Common stock, shares authorized 4,200,000,000 5,200,000,000 4,200,000,000
Equity interest, Percentage   65.00%  
Previously Authorized Shares [Member]      
Common stock, shares authorized   4,200,000,000  
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