Note 6 - Loan Payable, Related Parties |
12 Months Ended |
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Dec. 31, 2018 | |
Notes | |
Note 6 - Loan Payable, Related Parties |
NOTE 6 LOAN PAYABLE, RELATED PARTIES
Christopher Maggiore
As of December 31, 2018 and 2017, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, had cumulative balances of $176,405 and $176,405, respectively. The Company has agreed to pay 11% interest on this loan. During the years ended December 31, 2018 and 2017, the Company recorded interest on this indebtedness of $45,172 and $25,966, respectively. HEP Investments, LLC
In addition to amounts owed to HEP Investments, LLC pursuant to Convertible Debt (see Note 7), as of January 1, 2017, the Company owed HEP Investments, LLC $69,574. During the year ended December 31, 2017, HEP Investments, LLC loaned the Company an additional $4,148,040. Pursuant to the terms of the agreement with HEP Investments, LLC, $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 year ended December 31, 2018, HEP Investments, LLC loaned the Company $1,751,187 (see Note 7 - Convertible Debt). Pursuant to the terms of our agreement with HEP Investments, LLC, $1,968,801 of these loans were converted to 11% Convertible Secured Promissory Notes, leaving a remaining balance of $0 as of December 31, 2018.
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- Definition Represents the textual narrative disclosure of NOTE 5 - LOAN PAYABLE, RELATED PARTIES, during the indicated time period. No definition available.
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- References No definition available.
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