| Schedule of 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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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
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$ |
86,000 |
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$ |
- |
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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. |
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50,000 |
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50,000 |
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| On November 14, 2019, the Company received an advance of $80,000 from MCK Investments LLC on an unsecured promissory note due on demand that carries a 6% interest rate. |
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80,000 |
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|
80,000 |
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| Total notes payable |
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$ |
216,000 |
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|
$ |
130,000 |
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| Schedule of Interest Expenses |
The Company recognized interest expense for
the three months ended March 31, 2020 and 2019, as follows:
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March 31, 2020 |
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March 31, 2019 |
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| Interest on convertible notes |
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$ |
7,589 |
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$ |
5,836 |
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| Interest on advances from shareholders |
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- |
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|
7,322 |
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| Interest on notes payable |
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|
2,526 |
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|
2,959 |
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| Amortization of beneficial conversion features |
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|
- |
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|
125,000 |
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| Interest on accounts payable |
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|
394 |
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- |
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| Total interest expense |
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$ |
10,509 |
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|
$ |
141,117 |
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