| Schedule of Convertible Note Payable |
Convertible
note payable consists of the following at June 30, 2019 and December 31, 2018, respectively:
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June
30, 2019 |
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December
31, 2018 |
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| On
November 30, 2018, the Company received proceeds of $300,000 on a secured convertible note that carries a 6% interest rate
from CSW Ventures, LP (“CSW”). The proceeds were used to fund the Company’s purchase of 875,000 shares of
common stock, on a 1:4 split adjusted basis, of One World Pharma, Inc. The Note is due on demand. In the event that the Company
consummates the closing of a public or private offering of its equity securities, resulting in gross proceeds of at least
$500,000 (“Qualified Financing”) at any time prior to the repayment of this note, then the outstanding principal
and unpaid interest may, at the option of the holder, be converted into such equity securities at a conversion price equal
to eighty percent (80%) of the purchase price paid by the investors purchasing the equity securities in the Qualified Financing.
The Company’s obligations under this Note are secured by a lien on the assets of the Company. |
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$ |
300,000 |
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$ |
300,000 |
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| On
January 14, 2019, the Company received proceeds of $500,000 on an unsecured convertible promissory note that carries a 6%
interest rate from The Sanguine Group LLC. The Note was due January 14, 2022. In the event that the Company consummated the
closing of a public or private offering of its equity securities, resulting in gross proceeds of at least $500,000 (“Qualified
Financing”) at any time prior to the repayment of this note, then the outstanding principal and unpaid interest would
automatically be converted into such equity securities at a conversion price equal to the lesser of (i) eighty percent (80%)
of the purchase price paid by the investors purchasing the equity securities in the Qualified Financing, or (ii) $0.424 per
share. The Company’s obligations under this Note were secured by a lien on the assets of the Company. A Qualified Financing
subsequently occurred on February 4, 2019, at which time the principal and interest were converted into 1,253,493 shares of
the Company’s common stock. |
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| Less:
unamortized debt discounts |
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| Convertible
note payable |
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$ |
300,000 |
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$ |
300,000 |
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