XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Convertible Notes Payable
6 Months Ended
Jun. 30, 2020
Convertible Notes Payable  
Note 3 - Convertible Notes Payable

The following summarizes the book value of the convertible notes payable outstanding as of June 30, 2020 and December 31, 2019:

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

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

 

 

 

18,260

 

 

 

 

 

 

 

 

 

 

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

 

 

 

19,580

 

 

 

 

 

 

 

 

 

 

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

 

 

 

68,686

 

 

 

 

 

 

 

 

 

 

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

 

 

 

67,916

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Convertible notes before debt discount

 

 

324,058

 

 

 

324,058

 

 

 

 

 

 

 

 

 

 

Less unamortized debt discount

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total outstanding convertible notes payable

 

$ 324,058

 

 

 

324,058

 

 

The Company recorded $0 and $46,919 in debt discount amortization during the six months ended June 30, 2020 and 2019, respectively. The aggregate debt discount was fully amortized at December 31, 2019.

 

Accrued interest on the convertible notes totaled $150,738 and $103,769 at June 30, 2020 and December 31, 2019, respectively.

 

During the six months ended June 30, 2020, the Company converted $3,155 of interest on convertible note into 105,163,333 shares of common stock. During the six months ended June 30, 2019, the Company converted $140,054 in convertible note principal and $32,589 in interest ($173,643 total debt) into 2,001,133,771 shares of common stock (Note 5).

 

See Note 5 for details of warrants issued in connection with the above convertible notes.