Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE - CONVERTIBLE - RELATED PARTY

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NOTES PAYABLE - CONVERTIBLE - RELATED PARTY
9 Months Ended
Sep. 30, 2019
Notes Payable, by Type, Current and Noncurrent [Abstract]  
NOTES PAYABLE - CONVERTIBLE - RELATED PARTY

NOTE 5 – NOTES PAYABLE – CONVERTIBLE – RELATED PARTY


Notes payable – convertible – related party totaled $0 and $290,273 at September 30, 2019 and December 31, 2018, respectively.


In March 2019, under the terms of the original agreements, the principal balance of the outstanding notes payable totaling $290,273 plus accrued interest totaling $131,178, was converted into 1,700,985 restricted common shares.


On January 18, 2019, the Company entered into a secured convertible promissory note agreement with a related party in the amount of $50,000. The note has a term of 180 days bearing an interest rate of 15% per annum. At the Company’s sole option, the notes may be converted into shares of the Company’s common stock for a conversion price of $0.05 per share. If the note is converted, the investor is entitled to receive five-year warrants with a strike price of $0.075 per share. The warrants would equal the number of shares received in the conversion of the Secured Convertible Promissory Note. On September 4, 2019, accrued interest in the amount of $4,704 was paid along with the principal in full satisfaction of the note.