Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.20.1
Notes Payable
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

Note 12 – Notes Payable

 

Notes payable consists of the following at March 31, 2020 and December 31, 2019, respectively:

 

    March 31, 2020     December 31, 2019  
             

On various dates between January 29, 2020 and March 31, 2020, the Company received advances from CSW Ventures, LP aggregating of $86,000, pursuant to unsecured promissory notes due on demand that carry a 6% interest rate, as follows:

$25,000 – January 29, 2020

$25,000 – February 13, 2020

$15,000 – February 26, 2020

$15,000 – March 11, 2020

$ 6,000 – March 31, 2020

  $ 86,000     $ -  
                 
On November 14, 2019, the Company received an advance of $50,000 from MCK Investments LLC pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     50,000       50,000  
                 
On November 14, 2019, the Company received an advance of $80,000 from MCK Investments LLC on an unsecured promissory note due on demand that carries a 6% interest rate.     80,000       80,000  
                 
Total notes payable   $ 216,000     $ 130,000  

 

The Company recorded interest expense in the amount of $2,526 and $2,959 for the three months ended March 31, 2020 and 2019, respectively.

 

The Company recognized interest expense for the three months ended March 31, 2020 and 2019, as follows:

 

    March 31, 2020     March 31, 2019  
             
Interest on convertible notes   $ 7,589     $ 5,836  
Interest on advances from shareholders     -       7,322  
Interest on notes payable     2,526       2,959  
Amortization of beneficial conversion features     -       125,000  
Interest on accounts payable     394       -  
Total interest expense   $ 10,509     $ 141,117