CONVERTIBLE NOTES PAYABLE

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 4 – CONVERTIBLE NOTES PAYABLE

Convertible Note Payable

At September 30, 2020, there are notes outstanding with principal balances which total $940,000, on which there is $1,200 of debt discount that is being amortized over the term of the note. Of the notes, $900,000 are convertible notes bearing a 10% annual rate of interest (with a 15% default rate) and are convertible into shares of common stock at the rate of $0.05 to $0.07 per share.  $40,000 is a convertible note entered into on August 8, 2011 with a former Company Director, at a rate of $0.20 per share.  That note was due on December 31, 2015 and bears a default interest rate of 10%.

Convertible Note Payable - Related Party

At September 30, 2020, there are notes outstanding with two directors of the Company with balances of $164,257 and $54,257, respectively.  The notes bear an 8% annual rate of interest with a 12% default rate and are convertible into shares of restricted common stock. Of the notes, $114,514 is convertible into shares of restricted common stock at $0.07 per share and $104,000 of the notes are convertible at $0.06 per share.  All of these notes have a maturity date of March 31, 2021.