v3.19.2

Note Payable | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Note Payable | Note 9 – Note Payable On May 1, 2018, 12 ReTech acquired Emotion Fashion Group, Inc. As part of the acquisition, Emotion Fashion Group was obligated under a disputed note payable to a third party in the amount of $250,000, maturing in July 2027 and bearing an interest rate of 2% per annum. The note calls for monthly payments to be made to the third party equal to ten percent (10%) of the gross sales of the Company until paid in full, including accrued interest. When the note was acquired, the Company recorded the note at its fair market value of $156,014. The note discount is being amortized to interest expense through maturity. As of June 30, 2019 the total payments made under the note payable were $0. Amortization of debt discount amortized amounted to $5,560 and $2,780 for the six and three months ended June 30, 2019. The remaining discount will be amortized over the remaining term of the note. As an additional subsequent event, August 1, 2019 the Company accepted funding on a previously executed “back end” convertible promissory note agreement with Adar Alef, LLC (“Adar”) for loans totaling $52,500. The consideration to the Company was $50,000 with $2,500 of legal fees. The company also entered into a new convertible promissory note agreement with LG Capital Funding, LLC (“LG”) on August 1, 2019 for loans totaling 55,600. The consideration to the Company is $50,000 with $2,500 legal fees and a $3,100 OID.

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