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Convertible Notes Payable
9 Months Ended
Sep. 30, 2019
Convertible Notes Payable  
Note 3. Convertible Notes Payable

The following summarizes the book value of the convertible notes payable outstanding as of September 30, 2019 and December 31, 2018:

 

 

 

September  30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Promissory note,  dated  June 2, 2017, bearing interest of 4% annually, payable within a year, convertible to common stock at a discount of 40% of the lowest traded price of the common stock during 45 trading days prior to the conversion date. Note is currently in default.

 

 

18,260

 

 

 

19,100

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  September 30, 2017, bearing 10% interest, payable on demand, convertible to common stock at the discount of 35% of the lowest traded price of the common stock during 20 trading days prior to the conversion. Note is currently in default.

 

 

12,000

 

 

 

12,000

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  November 27, 2017, with principal amount of $85,000 and aggregate purchase price of $79,900 , bearing interest of 12% annually, payable within a year, convertible to common stock at the conversion price equal to the lower of (i) the closing sale price of the common stock on the principal market on the trading day immediately preceding the closing date, and (ii) 50% of either the lowest sale price for the common stock during the 20 consecutive trading days including and immediately preceding the conversion date Note is currently in default.

 

 

19,580

 

 

 

68,396

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  December 20, 2017, bearing interest of 12% annually, payable on September 20, 2018, convertible to common stock at a discount of 50% of the lowest two traded prices of the common stock during the 25 trading days prior to the conversion date. Note is currently in default with interest rate increased to 24%.

 

 

68,686

 

 

 

112,000

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  April 17, 2018, bearing interest of 8% annually, payable on October 17, 2018, convertible to common stock at $15. Note is currently in default with interest rate increased to 24%.

 

 

67,916

 

 

 

75,000

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  April 20, 2018, bearing interest of 12% annually, payable on April 20, 2019, convertible to common stock at a discount of 50% of the average closing bid of the common stock during the 10 trading days prior to the conversion date. Note is currently in default.

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  April 30, 2018, bearing interest of 12% annually, payable on April 30, 2019, convertible to common stock at a discount of 50% of the average closing bid of the common stock during the 10 trading days prior to the conversion date. Note is currently in default.

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

Promissory note,  dated  January 5, 2018, bearing interest of 10% annually, payable on July 5, 2018, convertible to common stock at a discount of 25% of the average of 5 lowest traded prices of the common stock during the 10 trading days prior to the conversion date. Note is currently in default.

 

 

37,616

 

 

 

37,616

 

 

 

 

 

 

 

 

 

 

Promissory note, dated  November 14, 2018, bearing interest of 14% annually, payable on August 30, 2019, convertible to common stock at a discount of 45% of the one lowest traded price of the common stock during the 25 trading days prior to the conversion date.

 

 

-

 

 

 

40,000

 

 

 

 

 

 

 

 

 

 

Convertible notes before debt discount

 

 

324,058

 

 

 

464,112

 

 

 

 

 

 

 

 

 

 

Less debt discount

 

 

-

 

 

 

(65,001

)

 

 

 

 

 

 

 

 

 

Total outstanding convertible notes payable

 

$

324,058

 

 

 

399,111

 

 

During the nine months ended September 30, 2019, the Company converted $140,054 convertible note principal and $32,589 in interest ($172,643 total debt) into 2,001,133,771 shares of common stock (Note 5), and recorded debt discount amortization of $65,001.

 

During the nine months ended September 30, 2018, the Company received proceeds of $225,200 from convertible notes and recorded debt discount amortization of $80,542.  The Company repaid $28,800 on convertible notes and converted $140,200 in convertible note principal and $52,389 in interest ($192,589 total debt) into 292,805 shares of common stock (Note 5).