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Convertible Notes Payable
3 Months Ended
Mar. 31, 2017
Convertible Note Receivable - Related Party / Notes Payable / Convertible Notes Payable [Abstract]  
Convertible Notes Payable

Note 6 - Convertible Notes Payable

 

On September 14, 2016, the Company entered into a demand convertible promissory note agreement of $250,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company had an outstanding balance of $250,000. The noteholder is entitled, at its option, to convert, at any time and from time to time, until payment in full, all or any part of the principal amount, into a total of 4,464,256 shares (or fraction thereof in the event of a partial conversion or conversions) of the Company’s common stock. On April 27, 2017, the noteholder converted into a total of 4,464,256 common shares the Company’s common stock.

 

On December 5, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. The noteholder is entitled, at its option, to convert, at any time and from time to time, until payment in full, all or any part of the principal amount, into a total of 357,143 shares (or fraction thereof in the event of a partial conversion or conversions) of the Company’s common stock. On April 27, 2017, the noteholder converted into a total of 357,143 common shares the Company’s common stock.

 

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. The noteholder is entitled, at its option, to convert, at any time and from time to time, until payment in full, all or any part of the principal amount, into a total of 357,143 shares (or fraction thereof in the event of a partial conversion or conversions) of the Company’s common stock. On April 27, 2017, the noteholder converted into a total of 357,143 common shares the Company’s common stock.

  

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $45,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $45,000. The noteholder is entitled, at its option, to convert, at any time and from time to time, until payment in full, all or any part of the principal amount, into a total of 642,857 shares (or fraction thereof in the event of a partial conversion or conversions) of the Company’s common stock. On April 27, 2017, the noteholder converted into a total of 642,857 common shares the Company’s common stock.

 

On December 30, 2016, the Company entered into a demand convertible promissory note agreement of $5,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $5,000. The noteholder is entitled, at its option, to convert, at any time and from time to time, until payment in full, all or any part of the principal amount, into a total of 71,428 shares (or fraction thereof in the event of a partial conversion or conversions) of the Company’s common stock. On April 27, 2017, the noteholder converted into a total of 71,428 common shares the Company’s common stock.