| Notes Payable |
Note 11 – Notes Payable
Notes payable consists of the following at
September 30, 2019 and December 31, 2018, respectively:
| |
|
September 30, 2019 |
|
|
December 31, 2018 |
|
| |
|
|
|
|
|
|
| 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 9). |
|
$ |
- |
|
|
$ |
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 9). |
|
|
- |
|
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable |
|
$ |
- |
|
|
$ |
200,000 |
|
The Company recorded interest expense in the
amount of $6,674 for the nine months ended September 30, 2019.
The Company recognized interest expense for
the nine months ended September 30, 2019 and the period from inception (March 27, 2018) to September 30, 2018, respectively, as
follows:
| |
|
September 30, 2019 |
|
|
September 30, 2018 |
|
| |
|
|
|
|
|
|
| Interest on convertible notes |
|
$ |
17,079 |
|
|
$ |
- |
|
| Interest on advances from shareholders |
|
|
16,053 |
|
|
|
4,891 |
|
| Interest on notes payable |
|
|
6,674 |
|
|
|
- |
|
| Amortization of beneficial conversion features |
|
|
332,332 |
|
|
|
- |
|
| Interest on accounts payable |
|
|
8,611 |
|
|
|
244 |
|
| Total interest expense |
|
$ |
380,749 |
|
|
$ |
5,135 |
|
|