NOTE 4 - CONVERTIBLE NOTE PAYABLE

3 Months Ended

Mar. 31, 2020

Notes

NOTE 4 - CONVERTIBLE NOTE PAYABLE

NOTE 4 – CONVERTIBLE NOTE PAYABLE

On December 18, 2019, the Company issued a convertible promissory note in the original principal amount of $10,000 to a lender. The Note is due on June 18, 2020 and carries an interest rate of 8% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $.20 per share.  The Company recognized a beneficial conversion feature and recorded a debt discount in the amount of $4,000, which is being amortized over the life of the promissory note.  At March 31, 2020 and December 31, 2019, the unamortized debt discount was $1,727 and $3,716, respectively, and the net convertible note balance was $8,273 and $6,284, respectively.  The amortization of debt discount was $1,989 during three months ended March 31, 2020.  Interest expense for the three months ended March 31, 2020 and 2019 totaled $199 and $-0-, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $342 and $43, respectively