General form of registration statement for all companies including face-amount certificate companies

Notes Payable

v3.19.3
Notes Payable
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
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