Note 5 - Due to Related Party |
12 Months Ended |
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Dec. 31, 2019 | |
Notes | |
Note 5 - Due to Related Party |
NOTE 5 DUE TO RELATED PARTY
As of January 1, 2018, the Company owed HEP Investments, LLC, a related party $475,834 pursuant to the terms an agreement with HEP Investments. The origin of the payable was a 5.4% cash finance fee for monies invested in the Company in the form of convertible debt (see Note 7). During the year ended December 31, 2018, as a result of various financings HEP Investments earned an additional $96,595 in finance fees. In the same year the Company paid $140,000 in cash for a balance due to related party on December 31, 2018 of $432,429.
During the year ended December 31, 2019 the company borrowed an additional $110,500 in working capital. The total of $542,929 was repaid with cash of $78,000 and $464,929 by issuing 4,649,291 shares of common stock at $.10 per share.
For the years ended December 31, 2019 and 2018, the Company incurred additional finance costs related to these transactions of $-0- and $96,595, respectively. |
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- Definition Represents the textual narrative disclosure of NOTE 4 - DUE TO RELATED PARTY, during the indicated time period. No definition available.
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- References No definition available.
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