v3.19.3.a.u2
5. NOTES PAYABLE, RELATED PARTIES
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12 Months Ended |
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Debt Disclosure [Abstract] |
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NOTES PAYABLE, RELATED PARTIES |
NOTE 5 – NOTES PAYABLE, RELATED
PARTIES
Notes payable, related parties consisted
of the following as of December 31, 2018 and 2017, respectively:
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As at December 31, | |
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2018 | | |
2017 | |
Note payable (1) | |
$ | 149,078 | | |
$ | 179,409 | |
Promissory note payable (2) | |
| – | | |
| 14,050 | |
Note payable (3) | |
| – | | |
| 2,193 | |
Total related party notes payable | |
$ | 149,078 | | |
$ | 195,652 | |
___________
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(1) |
Note payable to the former CEO, unsecured, bearing interest at 10% and due on demand. |
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(2) |
Promissory note payable originated on November 30, 2012 with FutureWorth Capital Corp., a consulting firm owned by our former Chairman of the Board of Directors, unsecured, bearing interest at 10%, matured on November 29, 2013. In connection with the promissory note, the Company granted warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $0.10. The warrants expired on November 29, 2014. |
| (3) | Note payable to the former manager of the Company for funds advanced to the Company, unsecured
non-interest bearing, and due on demand. |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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