Note 5 - Loan Payable, Related Parties
|3 Months Ended|
Mar. 31, 2018
|Note 5 - Loan Payable, Related Parties||
NOTE 5 LOAN PAYABLE, RELATED PARTIES
As of December 31, 2017 and March 31, 2018, Mr. Christopher Maggiore, a director and a significant shareholder of the Company, had a cumulative balance of funds loaned to the Company of $176,405 and $476,405, respectively. The Company has agreed to pay 11% interest on this loan.
During the three months ended March 31, 2018 and March 31, 2017, accrued interest on this indebtedness totaled $74,344 and $46,293, respectively.
HEP Investments, LLC
In addition to amounts owed to HEP Investments pursuant to Convertible Debt (see Note 6), as of January 1, 2017, the Company owed HEP Investments $69,574. During the year ended December 31, 2017, HEP Investments loaned the Company an additional $4,148,040. Pursuant to the terms of the agreement with HEP Investments, $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 quarter ended March 31, 2018, HEP Investments loaned the Company $355,000 (see Note 6 - Convertible Debt). Pursuant to the terms of our agreement with HEP Investments, $500,000 of these loans were converted to 11% Convertible Secured Promissory Notes, leaving a remaining balance of $72,614 as of March 31, 2018.
Represents the textual narrative disclosure of NOTE 5 - LOAN PAYABLE, RELATED PARTIES, during the indicated time period.
No definition available.