Quarterly report pursuant to Section 13 or 15(d)

LOANS PAYABLE

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LOANS PAYABLE
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
LOANS PAYABLE
7 LOANS PAYABLE

 

Loans payable consist of the following:

 

    Interest     Maturity   September 30,     December 31,  
Description   Rate     Date   2018     2017  
                       
Strategic IR               168,000        
                             
Viktoria Akhmetova     18 %   January 11, 2019     53,775       —   
                             
Notes payable               $ 221,775     $  

 

Strategic IR 

 

Strategic IR advanced the Company $168,000 between January 16 and June 15, 2018. This loan was formalized into a written note on October 13, 2018 and bears interest at the rate of 10% per annum and matures on February 10, 2019. The note may be prepaid at anytime without premium or penalty.

 

Viktoria Akhmetova 

 

On April 17, 2018, the Company issued a Promissory Note in the aggregate principal amount of $50,000 to Viktoria Akhmetova. The note had a maturity date of September 13, 2018 and a coupon of eighteen percent per annum. The Company has the right to prepay the note without penalty prior to maturity date. On September 13, 2018, the maturity date of the note was extended to January 11, 2019.

 

The balance of the note plus accrued interest at September 30, 2018 was $53,775.