Note 5 - Loan Payable, Related Parties |
6 Months Ended |
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Jun. 30, 2019 | |
Notes | |
Note 5 - Loan Payable, Related Parties |
NOTE 5 LOAN PAYABLE, RELATED PARTIES
Christopher Maggiore
As of June 30, 2019, and December 31, 2018, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, is owed $176,405 in principal representing advances to the Company, as well as accumulated accrued interest of $127,464 and $74,344, respectively. The Company currently pays agreed upon interest at 11%.
During the six months ended June 30, 2019 and June 30, 2018, interest expense on this indebtedness was $16,094 and $28,885, respectively.
During the six months ended June 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 (1,000,000 warrants).
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 six months ended June 30, 2019, HEP Investments loaned the Company $32,500 (see Note 6 - Convertible Debt). During the six months ended June 30, 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 June 30, 2019. |