Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE - CONVERTIBLE

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

NOTE 6 – NOTES PAYABLE – CONVERTIBLE


Notes payable – convertible totaled $276,024 and $293,524 at September 30, 2019 and December 31, 2018, respectively.


On January 18, 2019, the Company entered into a secured convertible promissory note agreement with an accredited investor in the amount of $20,000. 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. If the note is converted, the investor is entitled to receive five-year warrants. On September 24, 2019, the principal balance of $20,000 plus accrued interest of $1,923 was converted into 438,452 restricted common shares at a conversion rate of $0.05 per share.  The investor also received 266,667 five-year warrants with an exercise price of $0.075 per share resulting in a deemed dividend of $66,782.


Interest expense for the Company’s convertible notes payable for the three and nine months ended September 30, 2019 was $5,930 and $31,049, respectively, compared to $7,386 and $19,443 to the three and nine months ended September 30, 2018. Accrued interest for the Company’s convertible notes payable at September 30, 2019 and December 31, 2018 was $74,054 and $66,558.