| Notes Payable |
Note
11 – Notes Payable
Notes
payable consists of the following at June 30, 2019 and December 31, 2018, respectively:
| |
|
June
30, 2019
|
|
|
December
31, 2018
|
|
| |
|
|
|
|
|
|
| On
December 26, 2018, the Company received proceeds of $100,000 from CSW on an unsecured promissory note due on demand that carries
a 6% interest rate. |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
| |
|
|
|
|
|
|
|
|
| On
November 26, 2018, the Company received proceeds of $100,000 from CSW on an unsecured promissory note due on demand that carries
a 6% interest rate. |
|
|
100,000 |
|
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Total
notes payable |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
The
Company recorded interest expense in the amount of $5,951 for the six months ended June 30, 2019.
The
Company recognized interest expense for the six months ended June 30, 2019 and the period from inception (March 27, 2018) to June
30, 2018, respectively, as follows:
| |
|
June
30, 2019 |
|
|
June
30, 2018 |
|
| |
|
|
|
|
|
|
| Interest
on convertible notes |
|
$ |
10,323 |
|
|
$ |
- |
|
| Interest
on advances from shareholders |
|
|
12,457 |
|
|
|
1,761 |
|
| Interest
on notes payable |
|
|
5,951 |
|
|
|
- |
|
| Amortization
of beneficial conversion features |
|
|
125,000 |
|
|
|
- |
|
| Interest
on accounts payable |
|
|
1,965 |
|
|
|
40 |
|
| Total
interest expense |
|
$ |
155,696 |
|
|
$ |
1,801 |
|
|