General form of registration statement for all companies including face-amount certificate companies

Notes Payable - Related Parties (Tables)

v3.10.0.1
Notes Payable - Related Parties (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
Schedule of Notes Payable to Related Parties

The Company has the following related parties notes payable as of June 30, 2018 and December 31, 2017:

 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at
June 30,
2018
    Balance at
December 31,
2017
 
                        (Unaudited)        
Note 1 (A)   December 1, 2015   August 1, 2018     12.0 %   $ 1,248,883     $ 1,198,883     $ 1,198,883  
Note 2   December 1, 2015   August 1, 2018     12.0 %     189,000       189,000       189,000  
Note 3 (B)   December 1, 2015   April 1, 2017     12.0 %     111,901       111,901       111,901  
Note 4 (C)   August 4, 2016   December 4, 2018     12.0 %     343,326       343,326       343,326  
Note 5   August 4, 2016   December 4, 2018     12.0 %     121,875       121,875       121,875  
                                         
Total notes payable – related parties, net                   $ 1,964,985     $ 1,964,985  

 

(A) Per the terms of the agreement, at Mr. Cutaia’s discretion (majority stockholder and Chief Executive Officer (CEO), he may convert up to $374,665 of outstanding principal, plus accrued interest thereon, into shares of common stock at a conversion rate of $0.07 per share.
   
(B) As of June 30, 2018, and the date of this report, the note is past due. The Company is currently in negotiations with the note holder to settle the note payable.
   
(C) A total of 30% of the note principal can be converted to shares of common stock at a conversion price $0.07 per share.

The Company has the following related parties outstanding notes payable as of December 31, 2017 and 2016:

 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at
December 31, 2017
    Balance at
December 31, 2016
 
                                 
Note 1   December 1, 2015   August 1, 2018     12.0%     $ 1,203,242     $ 1,198,883     $ 1,198,883  
Note 2   December 1, 2015   August 1, 2018     12.0%       189,000       189,000       189,000  
Note 3   December 1, 2015   April 1, 2017     12.0%       111,901       111,901       111,901  
Note 4   August 4, 2016   December 4, 2018     12.0%       343,326       343,326       343,326  
Note 5   August 4, 2016   December 4, 2018     12.0%       121,875       121,875       121,875  
                                         
Total notes payable – related parties                 $ 1,964,985     $ 1,964,985