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6. Line of Credit from Related Party
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Line of Credit from Related Party

NOTE 6 – LINE OF CREDIT FROM RELATED PARTY

 

On February 25, 2014, the Company entered into a line of credit with DEVCAP Partners, LLC, a California limited liability company (“DEVCAP”), for an amount up to $450,000 with a maturity date of June 1, 2020, bearing interest of 10% per annum. Effective July 1, 2019, the loan was assumed by FinTekk AP, LLC, a California limited liability company (“Fintekk”). The terms of the line of credit are unchanged. Both DEVCAP and FinTekk are solely owned by the majority shareholder of the Company and are related parties. As of September 30, 2019, and December 31, 2018, the balance of the line of credit was $72,405 and $695, respectively. The Company recorded accrued interest of $11,078 and $9,820 on the line of credit at September 30, 2019 and December 31, 2018, respectively.

 

On August 13, 2015, the Company entered into a line of credit with General Pacific Partners, LLC, a California limited liability company, for an amount up to $450,000. The line of credit is a demand loan bearing interest of 10% per annum and matures on August 13, 2020. General Pacific Partners, LLC is a related party to the Company as it is owned by a majority shareholder of the Company. As of September 30, 2019, and December 31, 2018 the balance of the line of credit was $0. The Company recorded accrued interest of $4,732 at September 30, 2019 and December 31, 2018, respectively.

 

During 2014, the Company entered into a line of credit agreement with Gemini Southern, LLC. On April 1, 2018, the Company converted $525,000 of debt owed to Gemini Southern, LLC into 4,375,000 shares of stock. Gemini Southern, LLC will be treated as a related party for all activity from the date of the conversion forward. The line of credit is a demand loan with a maximum of $450,000 bearing interest at 10%, maturing December 2019. At September 30, 2019, and December 31, 2018, the balance due on the line was $300,000 and $225,000, respectively. The Company recorded accrued interest of $24,227 and $5,014 as of September 30, 2019 and December 31, 2018, respectively.