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5. Loans Payable
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Loans Payable

NOTE 5 – LOANS PAYABLE

 

We have one asset-based line of credit of $16,905. The amount of credit available to be accessed is dependent on the amount of documented credit receipts received by the Company’s restaurants. The due dates on these credit advances are typically between 90 and 180 days. The interest rate on the facility is approximately 32%, plus additional processing fees of approximately 5%.

 

As of December 31, 2018, and December 31 2017, loan payable balances were $5,643 and $45,119 respectively. The amount of loans outstanding was significantly reduced due to proceeds from less expensive (in terms of the interest rate) convertible debt that was applied against loan balances.