NOTE 6 - CONVERTIBLE NOTES AND LOANS PAYABLE - RELATED PARTIES

3 Months Ended

Mar. 31, 2020

Notes

NOTE 6 - CONVERTIBLE NOTES AND LOANS PAYABLE - RELATED PARTIES

NOTE 6 – CONVERTIBLE NOTES AND LOANS PAYABLE – RELATED PARTIES

Convertible notes and loans payable – related parties consisted of the following:
	March 31, 2020	December 31, 2019
Loans payable to related parties, interest at 12%  per annum, due on demand	152,713	145,413
Convertible notes payable to related parties, interest at 12% per annum, due on March 7, 2015 (in default), convertible into common stock at $1.00 per share	55,000	55,000
Total Convertible Notes and Loans Payable – Related Parties	207,713	200,413
Less: Current Portion	(207,713)	(200,413)
Long-Term Convertible Notes and Loans Payable – Related Parties	$  -	$    -

Accrued interest on the convertible notes and loans payable, related parties was $58,567 and $52,532 at March 31, 2020 and December 31, 2019, respectively.  The Company did not record beneficial conversion feature elements on the related party convertible debt due to the conversion rate of $1.00 per share being greater than the fair market value of the underlying shares on the date of issuance.