v3.21.2
Convertible Notes
12 Months Ended
Dec. 31, 2020
Convertible Notes [Abstract]  
CONVERTIBLE NOTES

NOTE 5. CONVERTIBLE NOTES

 

On November 20, 2020 the Company received a forbearance letter amending the terms of the grid promissory note by adding a conversion feature to the note, thereby making the note a convertible note (see Note 7). The note is due on December 31, 2022, bearing interest at 10% per annum. The holder has the option to lend additional amounts to the borrower from time to time in the future, on the terms set forth in this agreement. This grid promissory note contains a provision for conversion at the holder's option of any outstanding principal balance including accrued interest, into the Company's common stock at a conversion price equal to par value, $0.001 per share. The Company recognized there was a beneficial conversion feature associated with this note, and recorded a debt discount of $115,755, and for the year ended December 31, 2020 amortization of debt discount associated with this note was $3,458. The principal amount of the note at December 31, 2020 is $115,755 and the related accrued interest is $744.

 

On November 20, 2020 the Company received a forbearance letter amending the terms of the grid promissory note by adding a conversion feature to the note, thereby making the note a convertible note (see Note 7). The note is due on December 31, 2022, bearing interest at 10% per annum. The holder has the option to lend additional amounts to the borrower from time to time in the future, on the terms set forth in this agreement. This grid promissory note contains a provision for conversion at the holder's option of any outstanding principal balance including accrued interest, into the Company's common stock at a conversion price equal to par value, $0.001 per share. The Company recognized there was a beneficial conversion feature associated with this note, and recorded a debt discount of $46,718, and for the year ended December 31, 2020 amortization of debt discount associated with this note was $2,277. The principal amount of the note at December 31, 2020 is $46,718 and the related accrued interest is $492.