Related Party Notes Payable

6 Months Ended

Jun. 30, 2020

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,
	2020		2019

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		349,573

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
Total notes payable, including accrued interest	$	531,722	$	531,722

For the six months ended June 30, 2020 and 2019, proceeds from related party notes payable totaled $0 and $73,475, respectively, and no repayments were made. Accrued interest on the notes totaled $73,530 and $64,322 as of June 30, 2020 and December 31, 2019, respectively.

The Company also received $62,579 in proceeds from a new incoming executive during the six months ended June 30, 2020. This advance is a non-interest bearing, short-term loan that is due on demand. No repayments have been made on the loan, and no proceeds were received during the six months ended June 30, 2019.