NOTE 5 - LOAN PAYABLE, RELATED PARTIES
|9 Months Ended|
Sep. 30, 2020
|NOTE 5 - LOAN PAYABLE, RELATED PARTIES||
NOTE 5 LOAN PAYABLE, RELATED PARTIES
During the nine months ended September 30, 2020, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, advanced $20,000 to the Company. On September 15, 2020, he applied $20,000 of the loan balance to fund the purchase of 200,000 shares of a warrant for 250,000 shares of common stock at an exercise price of $.10 per share. The remaining 50,000 warrants were cashlessly exercised into 3,704 shares. The Company has agreed to pay interest of 11% per annum on these loans and as of September 30, 2020 owes accrued interest of $542.
During the nine months ended September 30, 2020 and September 30, 2019, the Company recorded interest expense on loans payable to Mr. Maggiore of $1,254 and $24,061, respectively.
HEP Investments, LLC
During the nine months ended September 30, 2020, HEP Investments, LLC advanced the Company $139,000, of which $30,000 has been repaid during this period. As of September 30, 2020, HEP Investments, LLC is owed $109,000.
Represents the textual narrative disclosure of NOTE 5 - LOAN PAYABLE, RELATED PARTIES, during the indicated time period.
No definition available.