Quarterly report pursuant to Section 13 or 15(d)

LOANS PAYABLE

v3.19.1
LOANS PAYABLE
3 Months Ended
Mar. 31, 2019
Loans Payable [Abstract]  
LOANS PAYABLE
8 LOANS PAYABLE

 

Loans payable consist of the following: 

 

Description   Interest
Rate
    Maturity     March 31,
2019
    December 31,
2018
 
Strategic IR     15 %     February 10, 2020     $ 182,430     $ 177,159  
                                 
Victoria Akhmetova     15 %     January 11, 2020       57,938       56,044  
                                 
Boba Management Corporation     10 %     February 20, 2020       20,203        
      10 %     March 1, 2020       20,164        
      10 %     March 26, 2020       20,027        
                                 
Total loans payable                   $ 300,762     $ 233,203  

 

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. The note had a maturity date of February 10, 2019. On March 18, 2019 the note was extended to February 10, 2020, and the interest rate was changed to 15%. The note may be prepaid at any time without premium or penalty. The balance of the note plus accrued interest at March 31, 2019 was $182,430.

  

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. On March 19, 2019, the note was extended to January 11, 2020, and the interest rate changed to 15%. The balance of the note plus accrued interest at March 31, 2019 was $57,938.

  

Boba Management Corporation

 

February 20, 2020

 

On February 22, 2019, the Company issued a Promissory Note in the aggregate principal amount of $20,000 to Boba Management Corporation. The note had a maturity date of February 22, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date. The balance of the note plus accrued interest at March 31, 2019 was $20,203.

 

March 1, 2020

 

On March 1, 2019, the Company issued a Promissory Note in the aggregate principal amount of $20,000 to Boba Management Corporation. The note had a maturity date of March 1, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date. The balance of the note plus accrued interest at March 31, 2019 was $20,164.

 

March 26, 2020 

On March 26, 2019, the Company issued a Promissory Note in the aggregate principal amount of $20,000 to Boba Management Corporation. The note had a maturity date of March 26, 2020 and a coupon of ten percent per annum. The Company has the right to prepay the note without penalty prior to maturity date. The balance of the note plus accrued interest at March 31, 2019 was $20,027.