Promissory Notes Payable

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Promissory Notes Payable

NOTE 6: PROMISSORY NOTES PAYABLE

As of March 31, 2019 (unaudited) and December 31, 2018, the Company had the following promissory notes outstanding:

	March 31, 2019					December 31, 2018
	Principal (net)			Accrued Interest		Principal (net)		Accrued Interest
February 2019, two promissory notes for $50,000 each (total of $100,000), maturing August 2019, at 8.00% interest	$	100,000		$	852	$	-		-
Debt discount		(22,015	)		-		-		-
Total Promissory Notes Payable, Net	$	77,985		$	852	$	-	$	-

The Company issued two separate promissory notes on February 20, 2019 at $50,000 each (total of $100,000) that mature on August 20, 2019 and accrue interest at 8.00% per annum. Interest expense for the three-months ended March 31, 2019 on the promissory notes and accrued at March 31, 2019 amounted to $852. In connection with the promissory notes, the Company issued warrants to purchase 10,000,000 shares of common stock. The Company recorded the relative fair value of the warrants as a debt discount of $28,721 and will amortize the discount over the life of the note (6 months). Amortization of debt discount for the three-months ended March 31, 2019 was $6,706 and is recorded as interest expense on the statement of operations for the three-months ended March 31, 2019.