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Promissory Notes Payable - Related Party
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
PROMISSORY NOTES PAYABLE - RELATED PARTY

NOTE 6 – PROMISSORY NOTES PAYABLE - RELATED PARTY

 

On February 11, 2015, the Company issued an unsecured promissory note (the "Note") to Tina Gregerson Family Properties, LLC, an entity controlled by a former director of the Company. The Note for up to $750,000, was provided in tranches. Maturity of each tranche is one year from the date of receipt. Under the terms of the Note, the Company received $200,000 on February 11, 2015, $48,000 on February 13, 2015, $50,000 on April 13, 2015, $150,000 on July 31, 2015, $2,500 on October 20, 2015, $12,000 on October 29, 2015 and $15,000 on November 4, 2015. Interest accrues at 8% per annum on each tranche. The Note's principal balance and accrued interest was $477,500 and $140,535, and $477,500 and $102,335, at December 31, 2018 and 2017, respectively. This Note is in default.