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Advances and Notes Payable
9 Months Ended
Sep. 30, 2019
Advances and Notes Payable [Abstract]  
ADVANCES AND NOTES PAYABLE

NOTE 8 – ADVANCES AND NOTES PAYABLE

 

As of September 30, 2019, the Company owed advances of $882,500, as compared to $942,500 as of December 31, 2018, which were primarily for Simple Agreements for Future Tokens, entered into with eight accredited investors issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) thereof and/or Regulation D thereunder in 2017 and 2018.

 

As of September 30, 2019, the Company owed $178,500 under notes payable agreements which are not convertible into shares of common stock. Such notes payable agreements had maturity dates from March 21, 2019 to September 15, 2019, carried a collective $26,000 in original issuance discounts, have annual interest rates from 0%-20% annually, and have incurred an aggregate of $60,661 in default penalties as of September 30, 2019.