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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 12 - SUBSEQUENT EVENTS

 

From July 1, 2020 to August 12, 2020, the Company elected to convert $1,700 of principal and interest of non-redeemable convertible notes into 17,000,000 shares of common stock of the Company with a fair value of $188,700 resulting in a loss of extinguishment of debt of $187,000.

 

From July 1, 2020 to August 12, 2020, the Holder of the Senior Convertible Note issued on February 3, 2020 elected to convert $47,000 of principal of interest into 7,238,806 shares of common stock of the Company with a fair value of $68,596.

 

From July 1, 2020 to August 12, 2020, the Company issued 33,000,000 shares of common stock for stock-based compensation for consulting services with a fair value of $351,300.

 

From July 1, 2020 to August 12, 2020, the Company issued 30,000,000 shares of common stock for stock-based compensation due to officer and directors with a fair value of $315,000.

 

Power Up Lending Group Ltd.

 

On July 13, 2020 the Company entered into a Securities Purchase Agreement with Power Up Lending Group Ltd. (“Holder”) relating to the issuance and sale of a Senior Convertible Note (the “Note”) with an original principal amount of $53,000 less transaction costs of $3,000 bearing a 8% annual interest rate and maturing October 14, 2021 for $50,000 in cash. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the lowest three average trading price during the ten trading day period ending on the latest trading day prior to the conversion date. The Company may prepay the Note in cash, if repaid within 90 days of date of issue, at 118% of the original principal amount plus interest, between 91 days and 120 days at 123% of the original principal amount plus interest, between 121 days and 180 days at 129% of the original principal amount plus interest and after 181 days 175% of the original principal amount plus interest.