| Notes Payable |
Note 12 – Notes Payable
Notes payable consists of the following at
March 31, 2020 and December 31, 2019, respectively:
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March 31, 2020 |
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|
December 31, 2019 |
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|
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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 |
|
|
$ |
- |
|
| |
|
|
|
|
|
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| 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 |
|
| |
|
|
|
|
|
|
|
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| 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 |
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| |
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|
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| 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 |
|
|