v3.20.1

RELATED PARTY LOANS | 6 Months Ended
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Jun. 30, 2019
Related Party Transactions [Abstract] |
RELATED PARTY LOANS | NOTE 6: RELATED PARTY LOANS Convertible Notes Payable On February 21, 2018 Crown Bridge Partners LLC, sold part of its potentially dilutive convertible note to D&D Capital, Inc, a related party. The Company valued this conversion feature using the Black Scholes valuation model; as of June 30, 2019, due to the note is in default there are no assumptions, therefore the note has a conversion option’s value of $38,072. The value of the conversion feature was assigned to the derivative liability and created a loss and a debt discount to be amortized over the life of the convertible debt. The remaining principal balance as of June 30, 2019 is $ 7,379. Accrued interest related to this note was $833 and $541 at June 30, 2019 and December 31, 2018, respectively During the three months ended March 31, 2018, Kodiak Capital declared a default of the convertible note payable to them invoking 22% retroactive interest and also put into effect a penalty of $2,000 per day for non-delivery of the shares according to the note agreement, which led to increasing the balance of the note to $142,633 (including $2,630 accrued interest on the Kodiak note) at March 31, 2018. On February 15, 2018, S&E Capital, LLC, a related party to Mining Power Group Inc., reached an agreement with Kodiak Capital to purchase the note. As a result, the Company recognized a gain of $137,054. During 2018, S&E Capital, Inc., exercised the convertible option, resulting in 2,450,000 shares issued; at a price of $0.04134 per share issued for $101,283 in principal and $11,497 in accrued interest. The Company valued this conversion feature using the Black Scholes valuation model; as of June 30, 2019 due to the note is in default there are no assumptions, therefore the note has a conversion option’s value of $357,767. The value of the conversion feature was assigned to the derivative liability and created a loss and a debt discount to be amortized over the life of the convertible debt. The remaining principal balance as of June 30, 2019 was $ 49,775 and $17,950 in accrued interest.
Lender |  | Principal |  | Unamortized Debt Discount |  | Net
D&D Capital, Inc |  | $ | 7,379 |  |  | $ | — |  |  | $ | 7,379 |
S&E Capital, LLC |  |  | 49,775 |  |  |  | — |  |  |  | 49,775 |
Notes Related Parties |  | $ | 57,154 |  |  | $ | — |  |  | $ | 57,154 |
At June 30, 2019 and December 31, 2018, the principal amount and interest on these loans totaled $57,154 and $18,784, and $57,154 and $14,798, respectively. Other Related Party Loans The Company has non-interest bearing demand loans with various related parties. During the six months ended June 30, 2019 and 2018, the Company received $335,862 and $54,401, respectively, in proceeds from these loans, and made repayments of $103,286 and $0, respectively, resulting in principal balances of $708,367 and $360,528 as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 $359,114 are included as Liabilities held for sale (Note 3)

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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