XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following.

 

Subsequent to December 31, 2019, note holders converted $76,994 and $5,239, of principal and interest, respectively, into 19,741,098 shares of common stock.

 

Subsequent to December 31, 2019, warrants holders converted warrants into 36,769,439 shares of common stock.

 

On January 27, 2020, the Company executed a convertible promissory note for $168,300 with Power Up Lending Group Ltd. Total cash proceeds from the note, after fees and OID, is $150,000. The note matures on January 27, 2021, accrues interest at 12% and is convertible into shares of common stock at 75% of the average of the two lowest trading prices in the twenty days prior to conversion. 

 

On March 2, 2020, the Company executed a convertible promissory note for $80,300 with Power Up Lending Group Ltd. Total cash proceeds from the note, after fees and OID, is $70,000. The note matures on March 2, 2021, accrues interest at 12% and is convertible into shares of common stock at 75% of the average of the two lowest trading prices in the twenty days prior to conversion. 

 

On April 1, 2020, the Company sold 3,000,000 shares of common stock for total cash proceeds of $15,000. The shares were sold pursuant to the offering statement recently filed with the SEC.

 

Subsequent to December 31, 2019, the Company repaid all principal and interest due on its convertible notes to both Jefferson Street Capital LLC and BHP Capital NY Inc.