| Schedule of Note Payable |
| Note |
|
Issuance Date |
|
Maturity Date |
|
Interest Rate |
|
|
Original Borrowing |
|
|
Balance at
March 31, 2019
|
|
|
Balance at
December 31, 2018
|
|
| Note 1 (A) |
|
March 22, 2019 |
|
April 10, 2019 |
|
|
5.0 |
% |
|
$ |
310,000 |
|
|
$ |
310,000 |
|
|
$ |
- |
|
| Note 2 (B) |
|
March 29, 2019 |
|
July 10, 2019 |
|
|
5.0 |
% |
|
|
53,000 |
|
|
|
53,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total notes payable – related parties |
|
|
|
|
|
|
|
|
|
|
363,000 |
|
|
|
- |
|
| Debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
(8,000 |
) |
|
|
- |
|
| Total notes payable, net of debt discount |
|
|
|
|
|
|
|
|
|
$ |
355,000 |
|
|
$ |
- |
|
| |
(A) |
On March 22, 2019, we issued an unsecured
promissory note to an unaffiliated third-party in the aggregate principal amount of $310,000, in exchange for net proceeds of $300,000,
representing an original issue discount of $10,000, which is included in the original principal amount. The note
is unsecured and bears interest on the principal amount at a rate of 5% per annum. The note is due on demand at any time after
April 10, 2019.
As a result of the issuance of the note,
the Company incurred aggregate costs of $10,000 related to the note’s original issue discount. The Company recorded these
costs as a note discount and is being amortized over the term of the note.
As of March 31, 2019, the outstanding
balance of the note amounted to $310,000.
|
| |
(B) |
On March 29, 2019, we issued an unsecured
promissory note to an unaffiliated third-party in the aggregate principal amount of $53,000, in exchange for net proceeds of $50,000,
representing an original issue discount of $3,000, which is included in the original principal amount. The note
is unsecured and bears interest on the principal amount at a rate of 5% per annum. The note is due on demand at any time after
July 10, 2019.
As a result of the issuance of the note,
the Company incurred aggregate costs of $3,000 related to the note’s original issue discount. The Company recorded these
costs as a note discount and is being amortized over the term of the note.
As of March 31, 2019, the outstanding
balance of the note amounted to $53,000.
|
|