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Convertible Notes Payable
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Convertible Notes Payable

NOTE 5 – CONVERTIBLE NOTES PAYABLE

 

On July 25, 2016, the Company entered into an agreement for the issuance of a convertible note to a third party lender for $50,000. The note accrues interest at 10% per annum maturing on July 25, 2017 and is convertible into common stock at the discretion of the holder at a conversion price of $1.50 per share, subject to adjustment. The outstanding principal balance on the note at June 30, 2018 and December 31, 2017 was $50,000. Accrued and unpaid interest on the note at June 30, 2018 and December 31, 2017 was $13,397 and $8,934, respectively. The note is currently in default.

 

On July 29, 2016, the Company entered in an agreement with a third party for a convertible promissory note for gross proceeds of $10,000. The note bears interest at 10% per annum, is due on July 29, 2017 and is convertible into common stock at the discretion of the holder at a conversion price of $1.50 per share, subject to adjustment. The outstanding principal balance on the note at June 30, 2018 and December 31, 2017 was $10,000. Accrued and unpaid interest on the note at June 30, 2018 and December 31, 2017 was $2,660 and $1,767, respectively. The note is currently in default.

 

On October 10, 2016, the Company entered in an agreement with a third party for a convertible promissory note for gross proceeds of $25,000. The note bears interest at 10% per annum, is due on October 10, 2017 and is convertible into common stock at the discretion of the holder at a conversion price of $1.50 per share, subject to adjustment. The outstanding principal balance on the note at June 30, 2018 and December 31, 2017 was $25,000. Accrued and unpaid interest on the note at June 30, 2018 and December 31, 2017 was $5,750 and $3,519, respectively. The Company may prepay the note in cash in full according to the following schedule:

 

0-180 days: 117.5% of principal amount

180-270 days: 115.0% of principal amount

270-360 days: 112.5% of principal amount

 

The note is currently in default.