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CONVERTIBLE NOTES PAYABLE
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
CONVERTIBLE NOTES PAYABLE
4. CONVERTIBLE NOTES PAYABLE

 

As of September 30, 2020 and December 31, 2019, notes payable were comprised of the following:

 

    Original   Due   Interest   Conversion   September 30,     December 31,  
    Note Date   Date   Rate   Rate   2020     2019  
Armada Investment #2   5/30/2019   2/29/2020   18%   Variable   $     $ 27,500  
Armada Investment #3   7/22/2019   7/22/2020   8%   Variable           37,950  
Armada Investment #4   12/6/2019   12/6/2020   8%   Variable           18,150  
BHP Capital NY #3   3/26/2019   3/26/2020   24%   Variable           28,600  
BHP Capital NY #4   4/9/2019   1/9/2020   18%   Variable           46,000  
BHP Capital NY #6*   5/30/2019   2/29/2020   18%   Variable     27,500       27,500  
BHP Capital NY #7*   7/22/2019   7/22/2020   8%   Variable     37,950       37,950  
BHP Capital NY #8*   8/7/2019   8/7/2020   8%   Variable     23,000       33,000  
BHP Capital NY #9   12/20/2019   12/20/2020   12%   Variable     19,000       19,000  
Blackbridge Capital #2*   5/3/2016   5/3/2017   5%   Variable     80,400       80,400  
Coventry #3   5/31/2019   5/31/2020   24%   Variable           38,691  
Coventry #4   2/4/2020   2/4/2021   10%   Variable     13,323        
Emunah Funding #4*   10/20/2018   7/20/2019   24%   Variable     2,990       2,990  
Emunah Funding #8*   1/31/2019   1/31/2020   24%   Variable     33,652       33,652  
Fourth Man #2   10/26/2018   7/20/2019   24%   Variable           8,257  
Fourth Man #4   4/23/2019   4/23/2020   10%   Variable           16,865  
Fourth Man #5   7/22/2019   7/22/2020   8%   Variable           37,950  
Fourth Man #6   8/12/2019   8/12/2020   8%   Variable           17,600  
Fourth Man #7   10/9/2019   10/8/2020   8%   Variable           27,500  
Fourth Man #8   12/10/2019   9/10/2020   12%   Variable           16,500  
Fourth Man #9   8/3/2020   8/3/2021   8%   Variable     27,500          
GPL Ventures #2*   5/20/2020   6/15/2020   10%   Variable     3,840        
James Powell   9/7/2015   Demand   8%   Variable     150,875       150,875  
Jefferson St Capital #2*   3/5/2019   10/18/2019   0%   Variable     5,000       5,000  
Jefferson St Capital #3   4/9/2019   1/9/2020   8%   Variable           44,400  
Jefferson St Capital #5   5/30/2019   2/29/2020   18%   Variable           27,500  
Jefferson St Capital #6*   6/21/2019   3/21/2020   18%   Variable     27,500       27,500  
Jefferson St Capital #7*   8/20/2019   5/20/2020   18%   Variable     38,500       38,500  
Jefferson St Capital #8   12/20/2019   12/20/2020   12%   Variable     19,000       19,000  
Optempus Invest #1   9/4/2019   4/4/2020   6%   Variable           25,000  
Optempus Invest #2   9/13/2019   4/13/2020   6%   Variable           20,000  
Optempus Invest #3   10/15/2019   6/15/2020   6%   Variable           25,000  
Power Up Lending #1*   3/14/2019   3/14/2020   22%   Variable     6,500       6,500  
Power Up Lending #2   5/13/2019   5/13/2020   10%   Variable           103,000  
Power Up Lending #3   6/20/2019   6/20/2020   10%   Variable           53,000  
Power Up Lending #4   5/18/2020   5/18/2021   10%   Variable     16,000          
Power Up Lending #5   6/15/2020   6/15/2021   10%   Variable     43,000          
Power Up Lending #6   6/24/2020   6/24/2021   10%   Variable     33,000          
                      608,530       1,101,330  
Less debt discount     (106,211 )     (394,795 )
Notes payable, net of discount   $ 502,319     $ 706,535  

 

  * As of September 30, 2020, the balance of notes payable that are in default is $286,832.

 

Armada Investment Fund LLC

 

On May 30, 2019, the Company issued a convertible note to Armada Investment Fund LLC for $27,500, which includes $16,667 paid Auctus Fund pursuant to a settlement agreement, $5,000 to settle outstanding accounts payable, transaction fee interest of $3,000, and cash consideration of $2,833. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on February 29, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, and $27,500 has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 75,300,469 common shares upon the conversion of principal in the amount of $27,500, accrued interest of $2,415, and conversion fees of $1,500. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On July 22, 2019, the Company received funding pursuant to a convertible note issued to Armada Investment Fund LLC for $37,950, of which $33,500 was received in cash and $4,450 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on July 22, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $37,950 due to this conversion feature, and $37,950 has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 55,597,416 common shares upon the conversion of principal in the amount of $37,500, accrued interest of $2,719, and conversion fees of $3,600. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On December 6, 2019, the Company received funding pursuant to a convertible note issued to Armada Investment Fund LLC for $18,150, which includes $15,000 to settle outstanding accounts payable and $3,150 in transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on December 6, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $18,150 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 56,783,986 common shares upon the conversion of principal in the amount of $18,150, accrued interest of $842, and conversion fees of $2,400. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

BHP Capital NY, Inc.

 

On March 26, 2019, the Company received funding pursuant to convertible note issued to BHP Capital NY for $28,600, of which $25,000 was received in cash and $3,600 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on March 26, 2019, and is convertible into common stock at 58% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $28,600 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 87,276,122 common shares upon the conversion of principal in the amount of $28,600, accrued interest of $2,897 and conversion fees of $1,500. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On April 9, 2019, the Company issued a convertible note to BHP Capital NY, Inc. for $55,000, which includes transaction fee interest of $6,500, and cash consideration of $48,500. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on January 9, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $55,000 due to this conversion feature, and $55,000 has been amortized to the statement of operations. During the year ended December 31, 2020, the Company issued 76,100 common shares upon the conversion of principal in the amount of $9,000, accrued interest of $1,915, and conversion fees of $500. During the nine months ended September 30, 2020, the Company issued 197,220,250 common shares upon the conversion of principal in the amount of $46,000, accrued interest of $2,651, and conversion fees of $1,500. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On May 30, 2019, the Company issued a convertible note to BHP Capital NY for $27,500, which includes $16,667 paid Auctus Fund pursuant to a settlement agreement, $5,000 to settle outstanding accounts payable, transaction fee interest of $3,000, and cash consideration of $2,833. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on February 29, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, which has been amortized to the statement of operations. As of September 30, 2020, the note had a principal balance of $27,500 and accrued interest of $4,560. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On July 22, 2019, the Company received funding pursuant to a convertible note issued to BHP Capital NY for $37,950, of which $33,500 was received in cash and $4,450 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on July 22, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $37,950 due to this conversion feature, which has been amortized to the statement of operations. As of September 30, 2020, the note had a principal balance of $37,950 and accrued interest of $4,791.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On August 7, 2019, the Company received funding pursuant to a convertible note issued to BHP Capital NY for $33,000 of which $29,000 was received in cash and $4,000 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on August 7, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $33,000 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 112,820,513 common shares upon the conversion of principal in the amount of $10,000 and conversion fees of $1,000. As of September 30, 2020, the note had a principal balance of $23,000 and accrued interest of $3,432.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On December 20, 2019, the Company received funding pursuant to a convertible note issued to BHP Capital NY for $19,000 of which $15,000 was received in cash and $4,000 was recorded as transaction fees. The note bears interest of 12% (increases to 22% per annum upon an event of default), matures on December 20, 2020, and is convertible into the lower of 1) 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of the note, and 2) 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $19,000 due to this conversion feature, and $14,795 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $4,205. As of September 30, 2020, the note had a principal balance of $19,000 and accrued interest of $1,780.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Blackbridge Capital

 

On May 3, 2016, the Company accepted and agreed to a Debt Purchase Agreement, whereby Blackbridge Capital acquired $100,000 in principal of a Direct Capital Group, Inc. convertible note in exchange for $100,000. The note bears interest at 5% per annum, matured on May 3, 2017, and is convertible into common stock at 50% of the lowest market price of the 20 trading days prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $100,000 due to this conversion feature, which has been amortized to the statement of operations. The note has converted $19,600 of principal into 267 shares of common stock. As of September 30, 2020, the note had a principal balance of $80,400 and accrued interest of $17,770. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Coventry Enterprises, LLC

 

On May 31, 2019, the Company issued a convertible note to Coventry Enterprises for $50,000, of which $47,500 was received in cash and $2,500 was recorded as transaction fees. The note bears interest at 10% (increases to 24% per annum upon an event of default), matures on May 31, 2020, and is convertible into common stock at 61% multiplied by the lowest trading price during the 20-day trading period including the conversion date. During the three month period ended March 31, 2020, the Company recorded a default penalty of $38,691. The Company recorded a debt discount from the derivative equal to $101,925 due to this conversion feature, which has been amortized to the statement of operations. During the year ended December 31, 2019, the Company issued 425,000 common shares upon the conversion of principal in the amount of $11,309 and accrued interest of $2,818. During the nine months ended September 30, 2020, the Company issued 129,270,950 common shares upon the conversion of principal in the amount of $77,382, accrued interest of $8,809, and conversion fees of $3,105. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On February 4, 2020, the Company issued a convertible note to Coventry Enterprises for $40,000, of which $37,500 was received in cash and $2,500 was recorded as transaction fees. The note bears interest at 10% (increases to 24% per annum upon an event of default), matures on February 4, 2021, and is convertible into common stock at 60% multiplied by the lowest trading price during the 20-day trading period prior to the conversion date. The Company recorded a debt discount from the derivative equal to $40,000 due to this conversion feature, and $29,945 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $10,055. During the nine months ended September 30, 2020, the Company issued 305,000,000 common shares upon the conversion of principal in the amount of $26,678 and accrued interest of $2,123. As of September 30, 2020, the note had a principal balance of $13,323 and accrued interest of $508.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Emunah Funding LLC

 

On October 20, 2017, the Company issued a convertible note to Emunah Funding LLC for $33,840, which includes $26,741 to settle outstanding accounts payable, transaction costs of $4,065, OID interest of $2,840, and cash consideration of $194. On November 6, 2017, the Company issued an Allonge to the convertible debt in the amount of $9,720. The Company received $7,960 in cash and recorded transaction fees of $1,000 and OID interest of $760. On November 30, 2017, the Company issued an Allonge to the convertible debt in the amount of $6,480. The Company received $5,000 in cash and recorded transaction fees of $1,000 and OID interest of $480. On January 11, 2018, the Company issued an Allonge to the convertible debt in the amount of $5,400. The Company received $5,000 in cash and recorded OID interest of $480. The note bears interest of 8% (increases to 24% per annum upon an event of default), matured on July 20, 2018, and is convertible into common stock at 57.5% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $55,440 due to this conversion feature, which has been amortized to the statement of operations. On October 26, 2018, the principal amount of $40,000 was reassigned to Fourth Man, LLC. Pursuant to the default terms of the note, the Company entered a late filing penalty of $1,000. Prior to the period ended September 30, 2020, the note has converted $13,450 of principal and $4,918 of interest into 7,145 shares of common stock. As of September 30, 2020, the note had a principal balance of $2,990 and accrued interest of $899. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On January 31, 2019, the Company received funding pursuant to convertible note issued to Emunah Funding LLC for $33,000, which includes $5,000 to settle outstanding accounts payable, $4,500 in transaction fees and cash consideration of $23,500. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on January 31, 2020, and is convertible into common stock at 50% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $33,000 due to this conversion feature, and $33,000 has been amortized to the statement of operations. Pursuant to the default terms of the note, the Company entered late filing penalties of $50,652. During the year ended September 30, 2020, the Company made cash payments of $50,000. As of September 30, 2020, the note had a principal balance of $33,652 and accrued interest of $8,158.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Fourth Man LLC

 

On October 26, 2018, the Company accepted and agreed to a Debt Purchase Agreement, whereby Fourth Man LLC acquired $40,000 of debt from an Emunah Funding LLC convertible note in exchange for $40,000. The note bears interest of 24%, matures on July 20, 2019, and is convertible into common stock at 50% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $16,591 due to this conversion feature, which has been amortized to the statement of operations. During the year ended December 31, 2019, the Company issued 22,299 common shares upon the conversion of principal in the amount of $31,743. During the nine months ended September 30, 2020, the Company issued 69,046,532 common shares upon the conversion of principal in the amount of $8,257 and accrued interest of $2,100. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On April 23, 2019, the Company issued a convertible note to Fourth Man LLC for $26,400, which includes $24,000 to settle outstanding accounts payable, and transaction fee interest of $2,400. The note bears interest of 10%, matures on April 23, 2020, and is convertible into common stock at 60% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $26,400 due to this conversion feature, which has been amortized to the statement of operations. During the year ended December 31, 2019, the Company issued 165,531 common shares upon the conversion of principal in the amount of $9,535. During the nine months ended September 30, 2020, the Company issued 65,759,708 common shares upon the conversion of principal in the amount of $16,865 and accrued interest of $2,862. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On July 22, 2019, the Company received funding pursuant to a convertible note issued to Fourth Man LLC for $37,950, of which $33,500 was received in cash and $4,450 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on July 22, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $37,950 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 89,447,039 common shares upon the conversion of principal in the amount of $37,950, accrued interest of $2,837 and conversion fees of $3,600. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On August 12, 2019, the Company received funding pursuant to a convertible note issued to Fourth Man LLC for $17,600, of which $15,000 was received in cash and $2,600 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on August 12, 2020, and is convertible into common stock at 65% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $17,600 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 47,812,803 common shares upon the conversion of principal in the amount of $17,600, accrued interest of $1,281, and conversion fees of $1,200. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On October 9, 2019, the Company received funding pursuant to a convertible note issued to Fourth Man LLC for $27,500, of which $25,000 was received in cash and $2,500 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on October 19, 2020, and is convertible into common stock at 60% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 30,896,663 common shares upon the conversion of principal in the amount of $27,500, accrued interest of $1,477, and conversion fees of $2,400. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On December 10, 2019, the Company received funding pursuant to a convertible note issued to Fourth Man LLC for $16,500 of which $15,000 was received in cash and $1,500 was recorded as transaction fees. The note bears interest of 12% (increases to 24% per annum upon an event of default), matures on September 10, 2020, and is convertible into the lower of 1) 50% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of the note, and 2) 50% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $16,500 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 15,008,658 common shares upon the conversion of principal in the amount of $16,500, accrued interest of $1,010 and conversion fees of $500. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On August 3, 2020, the Company received funding pursuant to a convertible note issued to Fourth Man LLC for $27,500 of which $25,000 was received in cash and $2,500 was recorded as transaction fees. The note bears interest of 8% (increases to 24% per annum upon an event of default), matures on August 3, 2021, and is convertible into common stock at 60% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, and $4,370 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $23,130. As of September 30, 2020, the note had a principal balance of $27,500 and accrued interest of $350.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

GPL Ventures LLC

 

On April 29, 2020, the Company accepted and agreed to an Assignment Agreement, whereby GPL Ventures acquired $25,000 of principal and $958 in accrued interest from one note with Optempus Investments, LLC. The note bears interest at 10%, matured on April 4, 2020, and is convertible into 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. During the nine months ended September 30, 2020, the Company issued 21,631,275 common shares upon the conversion of principal in the amount of $25,958. As of September 30, 2020, the note had an accrued interest balance of $120. The note is currently in default.

 

On May 20, 2020, the Company accepted and agreed to an Assignment Agreement, whereby GPL Ventures acquired $45,000 of principal, $2,664 in debt discounts, and $2,290 in accrued interest from two notes with Optempus Investments, LLC. The note bears interest at 10%, matures on June 15, 2020, and is convertible into 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. During the nine months ended September 30, 2020, the Company issued 73,000,000 common shares upon the conversion of principal in the amount of $43,450, and the debt discount of $2,664 has been amortized to the statement of operations. As of September 30, 2020, the note had a principal balance of $3,840 and accrued interest of $435. The note is currently in default.

 

James Powell

 

On September 7, 2015, the Company issued a convertible note with the Company’s former President, James Powell for non-cash consideration for accrued fees of $150,875. The note bears interest at 8%, is due on demand, and is convertible into convertible into common stock at 50% of the lowest trading price for the 15 days prior to the date of conversion. As of September 30, 2020, the note had a principal balance of $150,875 and accrued interest of $61,180.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Jefferson Street Capital LLC

 

On March 5, 2019, the Company accepted and agreed to a Debt Purchase Agreement, whereby Jefferson Street Capital LLC acquired $30,000 of debt from an Emunah Funding LLC convertible note in exchange for $29,000, and the Company recorded a gain on settlement of debt of $1,000. The note bears no interest, matures on October 18, 2019, and is convertible into common stock at 57.5% of the lowest trading price of the 20 trading days ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $29,000 due to this conversion feature, which has been amortized to the statement of operations. During the year ended December 31, 2019, the Company issued 10,691 common shares upon the conversion of principal in the amount of $24,000 and $1,000 in conversion fees. As of September 30, 2020, the note had a principal balance of $5,000. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On April 9, 2019, the Company issued a convertible note to Jefferson Street Capital LLC for $55,000, which includes transaction fee interest of $6,500, and cash consideration of $48,500. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on January 9, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $55,000 due to this conversion feature, which has been amortized to the statement of operations. During the year ended December 31, 2019, the Company issued 74,000 common shares upon the conversion of principal in the amount of $10,600 and $500 in conversion fees. During the nine months ended September 30, 2020, the Company issued 33,860,373 common shares upon the conversion of principal in the amount of $44,400, accrued interest of $2,200 and conversion fees of $1,500. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On May 30, 2019, the Company issued a convertible note to Jefferson Street Capital LLC for $27,500, which includes $16,667 paid Auctus Fund pursuant to a settlement agreement, $5,000 to settle outstanding accounts payable, transaction fee interest of $3,000, and cash consideration of $2.833. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on February 29, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 56,783,115 common shares upon the conversion of principal in the amount of $27,500, accrued interest of $2,377 and conversion fees of $2,250. As of September 30, 2020, the note had been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On June 21, 2019, the Company issued a convertible note to Jefferson Street Capital LLC for $27,500, which includes transaction fee interest of $4,000, and cash consideration of $23,500. The note bears interest of 8% (increases to 18% per annum upon an event of default), matures on March 21, 2020, and is convertible into common stock at 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $27,500 due to this conversion feature, which has been amortized to the statement of operations. As of September 30, 2020, the note had a principal balance of $27,500 and accrued interest of $4,285. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On August 20, 2019, the Company issued a convertible note to Jefferson Street Capital LLC for $38,500, of which $32,000 was received in cash and $6,500 was recorded as transaction fees. The note bears interest at 10% (increases to 18% per annum upon an event of default), matures on May 20, 2020, and is convertible into the lower of 1) 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of the note, and 2) 65% of the lowest trading price of the 15 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $38,500 due to this conversion feature, which has been amortized to the statement of operations. As of September 30, 2020, the note had a principal balance of $38,500 and accrued interest of $4,853.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On December 20, 2019, the Company issued a convertible note to Jefferson Street Capital LLC for $19,000, of which $15,000 was received in cash and $4,000 was recorded as transaction fees. The note bears interest of 12% (increases to 22% per annum upon an event of default), matures on December 20, 2020, and is convertible into the lower of 1) 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of the note, and 2) 55% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $19,000 due to this conversion feature, and $14,795 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $4,205. As of September 30, 2020, the note had a principal balance of $19,000 and accrued interest of $1,780.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Optempus Investments, LLC

 

On September 4, 2019, the Company received $25,000 cash from the issuance of a convertible promissory note with Optempus Investments, LLC in the amount of $25,000. The note bears interest at 6% (increases to 24% per annum upon an event of default), matures on April 4, 2020, and is convertible into the lower of 1) 70% of the lowest trading price of the 30 trading day period ending on the latest complete day prior to the date of the note, and 2) 70% of the lowest trading price of the 30 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $25,000 due to this conversion feature, which has been amortized to the statement of operations. On April 29, 2020, the principal amount of $25,000, and interest of $958 was reassigned to GPL Ventures LLC. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On September 13, 2019, the Company received $20,000 cash from the issuance of a convertible promissory note with Optempus Investments, LLC in the amount of $20,000. The note bears interest at 6% (increases to 24% per annum upon an event of default), matures on April 13, 2020, and is convertible into the lower of 1) 70% of the lowest trading price of the 30 trading day period ending on the latest complete day prior to the date of the note, and 2) 70% of the lowest trading price of the 30 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $20,000 due to this conversion feature, which has been amortized to the statement of operations. On May 20, 2020, the principal amount of $20,000, and interest of $1,395 was reassigned to GPL Ventures LLC. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On October 15, 2019, the Company received $25,000 cash from the issuance of a convertible promissory note with Optempus Investments, LLC in the amount of $25,000. The note bears interest at 6%, matures on June 15, 2020, and is convertible into 70% of the lowest trading price of the 20 trading day period ending on the latest complete day prior to the date of conversion. The Company recorded a debt discount from the derivative equal to $25,000 due to this conversion feature, and $22,336 has been amortized to the statement of operations. On May 20, 2020, the principal amount of $25,000, debt discount of $2,664 and interest of $896 was reassigned to GPL Ventures LLC. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Power Up Lending Group Ltd.

 

On March 14, 2019, the Company issued a convertible note to Power Up Lending Group Ltd. for $73,000, of which $70,000 was received in cash and $3,000 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on March 14, 2020, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $73,000 due to this conversion feature, which has been amortized to the statement of operations. Pursuant to the default terms of the note, the Company entered a late filing penalty of $36,500. During the year ended December 31, 2019, the Company issued 445,833 common shares upon the conversion of principal in the amount of $103,000. As of September 30, 2020, the note has a principal balance of $6,500 and accrued interest of $9,163. This note is currently in default.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On May 13, 2019, the Company issued a convertible note to Power Up Lending Group Ltd. for $103,000, of which $100,000 was received in cash and $3,000 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on May 13, 2020, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $103,000 due to this conversion feature, and $65,290 has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company entered a default penalty of $103,000. On March 5, the principal amount of $206,000, debt discount and transaction fee interest of $37,710 and interest of $14,115 was reassigned to Redstart Holdings Corp. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On June 20, 2019, the Company issued a convertible note to Power Up Lending Group Ltd. for $53,000, of which $50,000 was received in cash and $3,000 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on June 20, 2020, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $53,000 due to this conversion feature, and $28,092 has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company entered a default penalty of $53,000. On March 5, the principal amount of $106,000, debt discount and transaction fee interest of $24,908 and interest of $6,769 was reassigned to Redstart Holdings Corp. As of September 30, 2020, the note has been fully satisfied.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On May 18, 2020, the Company issued a convertible note to Power Up Lending Group Ltd. for $16,000, of which $15,600 was paid to settle accounts payable, and $400 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on May 18, 2021, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $16,000 due to this conversion feature, and $5,918 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $10,082. As of September 30, 2020, the note had a principal balance of $16,000 and accrued interest of $592.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On June 15, 2020, the Company issued a convertible note to Power Up Lending Group Ltd. for $43,000, of which $40,000 was received in cash, and $3,000 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on June 15, 2021, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $43,000 due to this conversion feature, and $12,605 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $30,395. As of September 30, 2020, the note had a principal balance of $43,000 and accrued interest of $1,261.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

On June 24, 2020, the Company issued a convertible note to Power Up Lending Group Ltd. for $33,000, of which $30,000 was received in cash, and $3,000 was recorded as transaction fees. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on June 24, 2021, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded a debt discount from the derivative equal to $33,000 due to this conversion feature, and $9,310 has been amortized to the statement of operations. The debt discount and transaction fee interest had a balance at September 30, 2020 of $23,690. As of September 30, 2020, the note had a principal balance of $33,000 and accrued interest of $886.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were indeterminate due to the lack on conversion price floor and, as such, does constitute a derivative liability as the Company has insufficient authorized shares.

 

Redstart Holdings Corp.

 

On March 5, 2020, the Company accepted and agreed to an Assignment Agreement, whereby Redstart Holdings Corp. acquired $156,000 of principal, $156,000 in penalties, $62,618 in debt discount and financing costs, and $20,884 in accrued interest from two notes with Power Up Lending Group Ltd. The note bears interest at 10% (increases to 22% per annum upon an event of default), matures on June 20, 2020, and is convertible into 61% multiplied by the average of the two lowest trading prices during the 20 day trading period on the trading day prior to the conversion date. The Company recorded an additional debt discount from the derivative equal to the amount of $156,000 due to this conversion feature, which has been amortized to the statement of operations. During the nine months ended September 30, 2020, the Company issued 371,978,522 common shares upon the conversion of principal in the amount of $312,000 and accrued interest of $15,654. As of September 30, 2020, the note had an accrued interest balance of $13,878.

 

Convertible Note Conversions

 

During the nine months ended September 30, 2020, the Company issued the following shares of common stock upon the conversions of portions of the Convertible Notes:

 

    Principal     Interest     Total     Conversion     Shares      
Date   Conversion     Conversion     Conversion     Price     Issued     Issued to
04/16/20     1,600           $ 1,600       0.0073       219,178     Redstart Holdings
04/22/20     1,600             1,600       0.0073       219,178     Redstart Holdings
04/28/20     1,500             1,500       0.0059       254,237     Redstart Holdings
05/01/20     1,100             1,100       0.0044       250,000     Redstart Holdings
05/05/20     12,500             12,500       0.0032       3,955,696     GPL Ventures
05/06/20     12,000             12,000       0.0044       2,727,272     Redstart Holdings
05/14/20                       0.0000       6,460,971     GPL Ventures
05/19/20     13,458             13,458       0.0012       11,214,608     GPL Ventures
05/20/20     12,744       7,386       20,130       0.0018       11,000,000     Coventry
06/03/20     22,600             22,600       0.0021       10,761,905     Redstart Holdings
06/05/20     34,650             34,650       0.0017       21,000,000     GPL Ventures
06/05/20     18,000             18,000       0.0021       8,624,708     Jefferson St Cap
06/05/20     21,500             21,500       0.0020       10,750,000     Redstart Holdings
06/08/20     19,192       938       20,130       0.0018       11,000,000     Coventry
06/08/20     22,800             22,800       0.0018       13,333,333     Fourth Man
06/08/20     21,500             21,500       0.0020       10,750,000     Redstart Holdings
06/09/20     21,500             21,500       0.0020       10,750,000     Redstart Holdings
06/09/20     21,500             21,500       0.0020       10,750,000     Redstart Holdings
06/10/20     16,500       1,010       17,510       0.0012       15,008,658     Fourth Man
06/11/20     14,500             14,500       0.0019       7,957,559     Jefferson St Cap
06/11/20     18,300             18,300       0.0017       10,764,706     Redstart Holdings
06/12/20     18,950       2,687       21,637       0.0012       19,518,506     Armada
06/12/20     8,800             8,800       0.0009       10,000,000     GPL Ventures
06/12/20     14,000             14,000       0.0013       10,769,231     Redstart Holdings
06/15/20     11,800             11,800       0.0011       10,727,273     Redstart Holdings
06/16/20     13,575             13,575       0.0006       23,452,381     Fourth Man
06/16/20                       0.0000       42,000,000     GPL Ventures
06/16/20     11,900       2,200       14,100       0.0008       17,278,106     Jefferson St Cap
06/16/20     10,700             10,700       0.0010       10,700,000     Redstart Holdings
06/17/20     10,000       21       10,021       0.0007       16,440,765     Armada
06/17/20     15,740       273       16,013       0.0006       25,000,000     Coventry
06/17/20     9,100             9,100       0.0009       10,705,882     Redstart Holdings
06/17/20     9,100             9,100       0.0009       10,705,882     Redstart Holdings
06/19/20     13,950             13,950       0.0005       31,562,500     Fourth Man
06/19/20     6,600       5,150       11,750       0.0007       17,537,313     Redstart Holdings
06/22/20     12,250             12,250       0.0007       20,000,000     Jefferson St Cap
06/22/20     12,200             12,200       0.0006       20,000,000     Redstart Holdings
06/23/20     9,000       12       9,012       0.0005       19,638,145     Armada
06/24/20     7,500             7,500       0.0004       19,704,433     BHP Capital
06/24/20     14,806       139       14,945       0.0004       35,000,000     Coventry
06/24/20     10,425       2,837       13,262       0.0004       34,432,158     Fourth Man
06/24/20     10,400             10,400       0.0005       20,000,000     Redstart Holdings
06/25/20     10,400             10,400       0.0005       20,000,000     Redstart Holdings
06/26/20     4,700       1,477       6,177       0.0004       17,563,330     Fourth Man
06/26/20     10,400             10,400       0.0005       20,000,000     Redstart Holdings
06/29/20     9,000       819       9,819       0.0005       24,218,648     Armada
06/29/20     18,100             18,100       0.0004       45,812,808     BHP Capital
06/29/20     10,345       50       10,395       0.0004       30,000,000     Coventry
06/29/20     11,250             11,250       0.0005       23,076,923     Jefferson St Cap
06/29/20     10,400             10,400       0.0005       20,000,000     Redstart Holdings
06/30/20     15,700             15,700       0.0005       30,192,308     Redstart Holdings
7/1/2020     23,100             23,100       0.0005       50,217,391     Redstart Holdings
7/1/2020     13,000       2,396       15,396       0.0005       35,484,737     Armada
7/1/2020     3,000       2,897       5,897       0.0003       21,758,881     BHP Capital
7/2/2020     17,600       1,281       18,881       0.0004       47,812,803     Fourth Man
7/2/2020     13,400       9,700       23,100       0.0005       50,217,391     Redstart Holdings
7/6/2020     4,000       2,377       6,377       0.0005       13,706,192     Jefferson St Cap
7/7/2020           804       804       0.0004       2,009,375     Redstart Holdings
7/7/2020     14,500       19       14,519       0.0004       39,815,732     Armada
7/7/2020     4,553       24       4,578       0.0003       17,270,950     Coventry
7/8/2020     22,500       2,601       25,101       0.0004       71,324,065     BHP Capital
7/9/2020     16,865       2,862       19,728       0.0003       65,759,708     Fourth Man
7/10/2020     9,150       22       9,172       0.0003       32,565,338     Armada
7/16/2020     17,000       41       17,041       0.0002       89,954,923     BHP Capital
7/16/2020     8,257       2,100       10,357       0.0002       69,046,532     Fourth Man
7/22/2020     6,500       9       6,509       0.0002       35,941,262     BHP Capital
8/4/2020     19,000       2,000       21,000       0.0001       175,000,000     Coventry
8/11/2020     10,000             10,000       0.0001       112,820,513     BHP Capital
8/25/2020     7,678       123       7,800       0.0001       130,000,000     Coventry
Total conversions     850,239       54,254       904,493               1,894,494,394      
Loss on conversion                 19,835                      
Conversion fees                 26,055                      
    $ 850,239     $ 54,254     $ 950,383               1,894,494,394