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PROMISSORY NOTE
12 Months Ended
Dec. 31, 2019
Non Convertible Promissory Note [Abstract]  
NON-CONVERTIBLE PROMISSORY NOTE

NOTE 6 – PROMISSORY NOTE

 

On October 23, 2019, an investor of the Company subscribed for a promissory note (the "Note") and loaned to the Company $50,000.

 

The Note bears interest at a fixed rate of 14% per annum, computed based on a 360-day year of twelve 30-day months, which interest will be payable quarterly until the Maturity Date. The principal amount and any accrued and unpaid interest due under the Note is payable on October 21, 2020. The Company recorded $1,360 of accrued interest and has a total outstanding principal balance of $50,000 as of December 31, 2019.

 

The Note contains customary events of default, which, if uncured, entitle the Lender to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, its Note.