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PROMISSORY NOTES PAYABLE
12 Months Ended
Jun. 30, 2019
Promissory Notes Payable [Abstract]  
PROMISSORY NOTES PAYABLE

NOTE 6 – PROMISSORY NOTES PAYABLE

 

On October 11, 2017, the Company issued a $150,000 Promissory Note in exchange for receiving $150,000 proceeds. The principal of $150,000 is due fourteen (14) months from the receipt of the funds, and a total interest charge of ten percent, or $15,000 is to be recorded over the term of the loan. An interest payable of $17,510 and $9,247 has been recorded as of June 30, 2019, and 2018, respectively. During the year ended June 30, 2019, and 2018, interest expense of $23,263 and $9,247 was recorded, respectively. The proceeds were used by the Company to fund the motion picture known as One HLWD KY LLC. During the year ended June 30, 2019, The Company paid principal of $100,000 and $15,000 of interest payable. The balance of principal note for amount of $50,000 is currently in default and currently accrues interest at 22% per annum.

 

On January 4, 2018, the Company issued a $80,000 Promissory Note in exchange for receiving $80,000 proceeds. The principal of $80,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. An interest payable of $8,684 and $3,879 has been recorded as of June 30, 2019 and June 30, 2018, respectively. During the year ended June 30, 2019, and 2018, interest expense of $12,805 and $3,879 was recorded, respectively. The proceeds were used by the Company to fund the motion picture known as River Runs Red. During the year ended June 30, 2019, The Company paid $8,000 interest. The note was in default as of June 30, 2019. Subsequent to June 30, 2019, the Company entered into an amendment agreement with the lender to extend the maturity date to June 30, 2020.

 

On February 6, 2018, the Company issued a $100,000 Promissory Note in exchange for receiving $100,000 proceeds. The principal of $100,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. An interest payable of $19,216 and $3,945 has been recorded as of June 30, 2019, and 2018. During the year ended June 30, 2019 and 2018, interest expense of $15,271 and $3,945 was recorded, respectively. The proceeds were used by the Company to fund the motion picture known as River Runs Red. The note was in default as of June 30, 2019. Subsequent to June 30, 2019, the Company entered into an amendment agreement with the lender to extend the maturity date to June 30, 2020.

 

On February 7, 2018, the Company issued a $150,000 Promissory Note in exchange for receiving $150,000 proceeds. The principal of $150,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. An interest payable of $25,045 and $5,877 has been recorded as of June 30, 2019 and 2018, respectively. During the year ended June 30, 2019 and 2018, interest expense of $19,168 and $5,877 was recorded, respectively. The proceeds were used by the Company to fund the motion picture known as River Runs Red.

During the year ended June 30, 2019, The Company paid $150,000 of principal and $15,000 of interest payable. As of June 30, 2019, unpaid interest of $10,045 is due. Subsequent to June 30, 2019, the Company entered into an amendment agreement with the lender to extinguish the debt in exchange for the issuance of common shares.