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Note Payable
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Note Payable

NOTE 4 – NOTE PAYABLE

 

As of March 31, 2019, the Company has a note payable in the amount of $50,000 due to an individual. The note was issued on May 30, 2013 and bears eight per cent (8%) annual interest. The note was amended with an August 31, 2018 due date which was further extended to January 31, 2019. On January 31, 2019 the maturity date of the principal and accrued interest on the note was further extended to August 31, 2019.

 

The Company analyzed the modification of the term under ASC 470-60 “Trouble Debt Restructurings” and ASC 470-50 “Extinguishment of Debt”. The Company determined the modification is not substantial and the transaction should not be accounted for as an extinguishment with the old debt written off and the new debt initially recorded at fair market value with a new effective interest rate.