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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

In prior years, the Company had borrowed $43,200 from a related party and an additional $7,400 during 2019 in the form of loans payable – related party. At December 1, 2017, the Company converted an additional $58,100 in accounts payable to this related party to loans payable – related party. In 2018 this related party acquired a promissory note from a non-related party in the amount of $39,215, an additional $6,600 of accounts payable was converted to loans payable – related party. In 2019 an additional $6,600 was converted to loans payable – related party. These resulted in a balance of $161,115 aggregate loans payable – related party. The notes are unsecured, due on demand, and bear interest at 8% per annum. Accrued interest through December 31, 2019 and December 31, 2018 was $36,646 and $24,575, respectively. No payments on principle or interest have been made to date.

 

Interest expense for the year ended December 31, 2019 and December 31, 2018 were $12,071 and $7,933, respectively.

 

As of the year ended December 31, 2019 and 2018, the Company incurred $6,000 and $6,600, respectively, in professional fees payable to a related party.