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Note 6 - Notes Payable
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
6.
Notes Payable
 
On
September 13, 2019
a
third
party advanced
$90,000
to the Company in exchange for quasi-factoring financing arrangements to be repaid in daily installments of
$490,
through
August 18, 2020.
The related note discount of
$27,000
is being amortized over the term of the agreement for a total of
$1,429
in interest expense as of
September 30, 2019.
 
On
April 2, 2019
an additional
$19,000
was advanced to be repaid in daily installments of
$315.56,
through
August 8, 2019.
The related note discount of
$9,400
was amortized over the term of the agreement for a total of
$9,400
in interest expense as of
September 30, 2019.
 
On
March 29, 2019
a
third
party advanced
$38,755
to the Company in exchange for quasi-factoring financing arrangements to be repaid in daily installments, currently
$460,
through
September 12, 2019.
The related note discount of
$16,445
was amortized over the term of the agreement for a total of
$16,445
in interest expense as of
September 30, 2019.
 
On
February 19, 2019
a
third
party advanced
$50,000
to the Company in exchange for a promissory note bearing interest at
12%
per annum for a
ninety
-day period, maturing on
May 20, 2019.
This note and accrued interest of
$2,000
was paid in full on
June 17, 2019
 
During the year ended
December 31, 2018
third
parties advanced a total of
$121,821
to the Company in exchange for quasi-factoring financing arrangements to be repaid in daily installments, currently
$450,
through
September 18, 2019.
The related note discounts of
$55,190
was amortized over the term of the agreements for a total of
$55,190
in interest expense as of
September 30, 2019.
 
On
June 26, 2018
the Company entered into a note payable with a
third
party for
$8,309
for the purchase of office telecommunication equipment. The note bears interest at the rate of
18%
per annum for
36
installments and matures on
May 22, 2021.
 
On
August 8, 2018
a
third
party advanced
$200,000
to the Company in exchange for a secured promissory note, bearing interest at the rate of
12%
per annum with a maturity date of
November 20, 2018.
The note is secured by a Security Agreement providing for a continuing lien and
first
priority security interest in the assets of the Company and by a personal Guaranty Agreement with Gust Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, and the Company’s controlling stockholder. On
December 6, 2018,
Mr. Kepler made a payment on the note in the amount of
$100,000
plus accrued interest of
$8,000
for an aggregate of
$108,000.
The principal balance of
$100,000
remains outstanding and is in default as of
September 30, 2019,
although the holder has made
no
demand for settlement of the note.