Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.20.1
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of 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  

Schedule of Interest Expenses

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