Related Party Notes Payable

12 Months Ended

Dec. 31, 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:

	December 31,		December 31,
	2019		2018

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

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

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

Promissory note, dated September 30, 2015, bearing no interest payable on demand		349,573		262,896

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

Promissory note, dated September 30, 2017, bearing 10% interest, payable on demand		3,200		3,200

	$	531,722	$	445,045

For the year ended December 31, 2019, proceeds from related parties totaled $86,677, and interest of $18,404 was accrued. For the year ended December 31, 2018, proceeds from related parties totaled $159,160 and repayments were $47,350, while interest of $18,468 was accrued. Accrued interest on related party loans totaled $64,322 and $45,918 at December 31, 2019 and 2018, respectively.