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Convertible Promissory Notes
12 Months Ended
Dec. 31, 2019
Notes  
Convertible Promissory Notes

 

NOTE 9 - CONVERTIBLE PROMISORY NOTES – RELATED PARTY

 

$100,000 Convertible Promissory Note

On November 12, 2012, the Company issued a $100,000 convertible promissory note to SCS, a related party and significant shareholder, as compensation for services provided and to be provided during the period April 1, 2012 through March 31, 2013.  The note is due on demand, bears annual interest at 5.5%, and is convertible into shares of common stock at a conversion price to be agreed upon immediately prior to conversion.  On September 27, 2013, the Company amended the note to include a conversion price which of $0.01 per share for all unpaid principal and interest.  As of December 31, 2019 and December 31, 2018 interest accrued, but unpaid, was $60,953 and $$55,453, respectively.

 

$130,100 Convertible Promissory Note

Prior to 2015, the Company entered into a convertible promissory note with SCS, a related party and significant shareholder, due on demand, bearing interest at 8% per annum, unsecured and convertible at $0.01 per share, with a price protection provision to a lower conversion price.  The balance of this note was $130,100 at December 31, 2019 and December 31, 2018 with accrued interest balances of $52,557 and $42,149, respectively.