XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes Payable - Related Parties
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Convertible Notes Payable - Related Parties

NOTE 6 – CONVERTIBLE NOTES PAYABLE – RELATED PARTIES

 

On August 22, 2014, the Company entered into an agreement to issue an unsecured convertible promissory note for $500,000 and security purchase agreement for 1,000,000 shares of common stock for $350,000 ($0.35 per share), respectively with a related party. The note bears interest at an annual rate of 10% and is payable on or before 12 months from the date of issuance. The Company issued the holder a total of 1,500,000 warrants exercisable at a cashless conversion price of $.35 for a period of 5 years. In addition, the note may be converted at any time, at the option of the holder, into shares of the Company’s common stock at a conversion price of $0.35 per share, subject to adjustment.

 

The outstanding principal balance on the note at June 30, 2018 and December 31, 2017 was $500,000. Accrued and unpaid interest on the note at June 30, 2018 and December 31, 2017 was $193,014 and $168,219, respectively. The Company is currently in default of the note, making the entire unpaid principal and interest due and payable. The note was purchased from the original investor by a company controlled by our CEO’s mother, Alam Berke during 2017.

 

On January 29, 2016, the Company’s President loaned the Company $30,000 pursuant to a convertible debenture. During the year ended December 31, 2016, the note principal was repaid. Accrued and unpaid interest on the note at June 30, 2018 and December 31, 2017 was $1,911.