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NOTE 4 - CONVERTIBLE NOTE PAYABLE
6 Months Ended
Jun. 30, 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 was due on June 18, 2020 and is now due on demand 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 June 30, 2020 and December 31, 2019, the unamortized debt discount was $-0- and $3,716, respectively, and the net convertible note balance was $10,000 and $6,284, respectively.  The amortization of debt discount was $3,716 during the six months ended June 30, 2020.  Interest expense for the six months ended June 30, 2020 totaled $598, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $641 and $43, respectively.

 

On June 9, 2020, the Company issued a convertible promissory note in the original principal amount of $10,000 to a lender. The Note is due on June 9, 2021 and carries an interest rate of 10% 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 $.25 per share.  The Company recognized a beneficial conversion feature and recorded a debt discount in the amount of $6,200, which is being amortized over the life of the promissory note.  At June 30, 2020, the unamortized debt discount was $5,843 and the net convertible note balance was $4,157.  The amortization of debt discount was $357 during the six months ended June 30, 2020.  Interest expense for the six months ended June 30, 2020 totaled $46, resulting in accrued interest at June 30, 2020 of $46.