Related Party Notes Payable

6 Months Ended

Jun. 30, 2019

The Company acquires on-going funding on an as-needed basis from related parties that include the Company’s officers, directors, majority shareholders, and these parties’ affiliates, pursuant to promissory notes with various origination dates in 2015 and 2017. A summary of outstanding notes payable is as follows:

	June 30,			December 31,
	2019			2018

Promissory note, dated December 15, 2015, bearing interest at 10% annually, payable on demand	$	53,070		$	41,810

Promissory note, dated December 15, 2015, bearing interest at 10% annually, payable on demand		33,863			24,101

Promissory note, dated December 15, 2015, bearing interest at 10% annually, payable on demand		74,981			53,994

Promissory note, dated September 30, 2015, bearing no interest payable on demand		336,371			308,814

Promissory note, dated September 30, 2017, bearing 10% interest, payable on demand		70,976			59,044

Promissory note, dated September 30, 2017, bearing 10% interest, payable on demand		4,335			3,200
Total notes payable, including accrued interest		573,596			490,963
Less accrued interest		(55,076	)		(45,918	)
Net notes payable	$	518,520		$	445,045

For the six months ended June 30, 2019, proceeds from related parties totaled $73,475, and interest of $9,158 was accrued. For the six months ended June 30, 2018, proceeds from related parties were $5,344 and repayments were $9,933, while interest of $11,090 was accrued.