| Notes Payable |
Note 14 – Notes Payable
Notes payable consists of the following at
December 31, 2019 and 2018, respectively:
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| On November 14, 2019, the Company received proceeds of $50,000 from MCK Investments LLC on an unsecured promissory note due on demand that carries a 6% interest rate. |
|
$ |
50,000 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| On November 14, 2019, the Company received proceeds of $80,000 from MCK Investments LLC on an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
80,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. On July 22, 2019, the principal and outstanding interest was exchanged for a convertible promissory note (See Note 12). |
|
|
- |
|
|
|
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. On July 22, 2019, the principal and outstanding interest was exchanged for a convertible promissory note (See Note 12). |
|
|
- |
|
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable |
|
$ |
130,000 |
|
|
$ |
200,000 |
|
The Company recorded interest expense in the
amount of $7,679 and $658 for the year ended December 31, 2019 for the year ended December 31, 2019 and the period from inception
(March 27, 2018) to December 31, 2018, respectively.
The Company recognized interest expense for
the year ended December 31, 2019 and the period from inception (March 27, 2018) to December 31, 2018, respectively, as follows:
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| Interest on convertible notes |
|
$ |
24,751 |
|
|
$ |
1,529 |
|
| Interest on advances from shareholders |
|
|
16,053 |
|
|
|
10,738 |
|
| Interest on notes payable |
|
|
7,679 |
|
|
|
658 |
|
| Amortization of beneficial conversion features |
|
|
332,332 |
|
|
|
75,000 |
|
| Interest on accounts payable |
|
|
1,767 |
|
|
|
309 |
|
| Total interest expense |
|
$ |
382,582 |
|
|
$ |
88,234 |
|
|