Note 5 - Loan Payable, Related Parties
|9 Months Ended|
Sep. 30, 2018
|Note 5 - Loan Payable, Related Parties||
NOTE 5 LOAN PAYABLE, RELATED PARTIES
As of, September 30, 2018 and December 31, 2017, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, had a cumulative balance of funds loaned to the Company of $176,405 and $176,405, respectively. The Company has agreed to pay 11% interest on this loan.
During the nine months ended September 30, 2018, Mr. Maggiore advanced an additional $500,000 to the Company, and on May 1, 2018, he used $500,000 of his loan balance to fund the cash purchase of 5,000,000 units of the Company at $.10 per unit. Each unit consisted of share of common stock and warrants to purchase 20% of one share of common stock of the Company (1,000,000 warrants).
As of September 30, 2018, and September 30, 2017, accrued interest on the outstanding indebtedness totaled $102,528 and $59,652, respectively.
HEP Investments, LLC
In addition to amounts owed to HEP Investments from its Due to Related Party debt (see Note 4) and pursuant to the terms of its Convertible Debt agreement (see Note 6), as of January 1, 2017, the Company owed HEP Investments an additional $69,574 for loan advances. During the year ended December 31, 2017, HEP Investments lent the Company an additional $4,148,040. Pursuant to the terms of the agreement with HEP Investments, $4,000,000 of these loans were recorded as 11% Convertible Secured Promissory Notes, leaving a remaining balance of $217,614 as of December 31, 2017.
During the nine months ended September 30, 2018, HEP Investments loaned the Company $1,616,187 (see Note 6 - Convertible Debt). Pursuant to the terms of our agreement with HEP Investments, $1,830,000 of these loans were converted to 11% Convertible Secured Promissory Notes, leaving a remaining balance of $3,801 as of September 30, 2018.
Represents the textual narrative disclosure of NOTE 5 - LOAN PAYABLE, RELATED PARTIES, during the indicated time period.
No definition available.