Note 5 - Loan Payable, Related Parties |
3 Months Ended |
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Mar. 31, 2019 | |
Notes | |
Note 5 - Loan Payable, Related Parties |
NOTE 5 LOAN PAYABLE, RELATED PARTIES
Christopher Maggiore
As of March 31, 2019, and December 31, 2018, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, is owed $185,534 and $176,405 in principal representing advances to the Company, as well as accumulated accrued interest of $119,184 and $74,344, respectively. The Company currently pays agreed upon interest at 11%.
During the three months ended March 31, 2019 and March 31, 2018, interest expense on this indebtedness was $7,814 and $9,630, respectively.
HEP Investments, LLC
In addition to amounts owed to HEP Investments pursuant to Convertible Debt (see Note 6), as of January 1, 2018, the Company owed HEP Investments $217,614. During the year ended December 31, 2018, HEP Investments loaned the Company an additional $1,751,187. Pursuant to the terms of the agreement with HEP Investments, $1,968,801 of these loans were recorded as 11% Convertible Secured Promissory Notes, leaving a remaining balance of $-0- as of December 31, 2018.
During the quarter ended March 31, 2019, HEP Investments loaned the Company $32,500 (see Note 6 - Convertible Debt). During the quarter ended March 31, 2019, the balance of $32,500 was converted at $.10 per share into 325,000 shares of the Companys common stock, leaving a remaining balance of $-0- as of March 31, 2019. |