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8. Notes Payable

12 Months Ended

Dec. 31, 2018

Notes Payable [Abstract]

Notes Payable

Notes payable consist of the following:  

		2018				2017
A Note Payable having a Face Value of $24,012 at December 31, 2016 and accruing interest at 12% was due December 31, 2017 (“2016 Note”). On December 31, 2017, the Company renewed the 2016 Note, together with accrued interest of $2,573, for a 12-month period (“2017 Note”). On December 31, 2018 the Company renewed the 2017 Note, together with accrued interest of $2,881, for a 12-month period (“2018 Note”). The 2018 Note has a Face Value of $26,893 and accrues interest at 12%. The 2018 Note is nonconvertible.		$	26,893			$	24,012
On January 12, 2018 the Company received monies in exchange for a Note Payable having a Face Value of $102,000 with interest accruing at 8% is due October 30, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The Note, together with accrued interest of $4,080 was converted in 2018 into 3,569,333 shares of Common Stock valued at $166,085 resulting in a loss of $60,005.		$	-0-				-0-
On February 7, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $150,000 with interest accruing at 8% is due February 7, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The note was paid off in 2018 in part by cash of $48,000 and the remainder, together with accrued interest of $5,073, was converted into 5,710,642 shares of Common Stock valued at $183,411 resulting in a loss of $76,338.		$	-0-			$	-0-
On February 20, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $85,000 with interest accruing at 8% is due November 30, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The Note, together with accrued interest of $3,400, was converted in 2018 into 4,376,238 shares of Common Stock valued at $281,663 resulting in a loss of $193,263.		$	-0-			$	-0-
On May 29, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $26,750 with interest accruing at 8% is due February 29, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The note, together with accrued interest of $1,353, was converted into 4,003,265 shares of Common Stock valued at $192,157 resulting in a loss of $164,054.		$	-0-			$	-0-
On June 27, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $53,000 with interest accruing at 8% is due April 15, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. Interest accrued at December 31, 2018 was $2,137. We estimate that the fair value of this convertible debt approximates the face value, so no value has been assigned to the beneficial conversion feature. Any gain or loss will be recognized at conversion.		$	53,000			$	-0-
On August 17, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $53,000 with interest accruing at 8% is due April 15, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. Interest accrued at December 31, 2018 was $1,557. We estimate that the fair value of this convertible debt approximates the face value, so no value has been assigned to the beneficial conversion feature. Any gain or loss will be recognized at conversion.		$	53,000			$	-0-
On September 10, 2018, the Company received monies in exchange for two Notes Payable having an aggregate Face Value of $36,500 with interest accruing at 8% are due June 20, 2019. Interest accrued at December 31, 2018 was $888.		$	36,500			$	-0-
On October 23, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $90,000 with interest accruing at 8% is due October 23, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. Interest accrued at December 31, 2018 was $1,361. We estimate that the fair value of this convertible debt approximates the face value, so no value has been assigned to the beneficial conversion feature. Any gain or loss will be recognized at conversion.		$	90,000			$	-0-

On December 24, 2018, the Company received monies in exchange for a Note Payable having a Face Value of $87,000 with interest accruing at 8% is due October 23, 2019. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. Interest accrued at December 31, 2018 was $153. We estimate that the fair value of this convertible debt approximates the face value, so no value has been assigned to the beneficial conversion feature. Any gain or loss will be recognized at conversion.		$	87,000			$	-0-
On April 1, 2017 the Company received monies in exchange for a Note Payable having a Face Value of $100,000 Canadian ($73,270US) at December 31, 2018 and ($79,710 US) at December 31, 2017 with interest payable quarterly at 9% is due April 1, 2019. The Note is convertible any time after issuance into $0.001 par value Common Stock at a price of $0.015 Canadian (approximately $0.012 US) per share. We estimate that the fair value of this convertible debt approximates the face value, so no value has been assigned to the beneficial conversion feature. Any gain or loss will be recognized at conversion.		$	73,270			$	79,710
On August 3, 2017 the, Company received monies in exchange for a Note Payable having a Face Value of $ 80,000 with interest accruing at 8% is due August 3, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. A principal amount of $40,000 of this note plus accrued interest of $1,712 was converted in 2018 into 327,788 shares of Common Stock valued at $70,507 resulting in a loss of $28,795. The remaining principal amount of $40,000 together with accrued interest of $1,613 was paid in cash reducing the balance to $-0-		$	-0-			$	80,000
On August 21, 2017 the Company received monies in exchange for a Note Payable having a Face Value of $ 83,000 with interest accruing at 8% is due May 30, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The Note, plus accrued interest of $3,419, was paid off in 2018.		$	-0-			$	83,000
On September 22, 2017 the Company received monies in exchange for a note having a Face Value of $ 62,000 with interest accruing at 8% is due June 30, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The note, together with accrued interest of $2,480 was converted in 2018 into 790,590 shares of Common Stock valued at $107,056 resulting in a loss of $42,576.		$	-0-			$	62,000
On October 26, 2017 the Company received monies in exchange for a Note Payable having a Face Value of $ 115,000 with interest accruing at 8% is due October 26, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The note, together with accrued interest of $6,126, was converted in 2018 into 2,921,146 shares of Common Stock valued at $208,661 resulting in a loss of $87,535.		$	-0-			$	62,000
On November 14, 2017, the Company received monies in exchange for a Note Payable having a Face Value of $ 113,000 with interest accruing at 8% is due November 14, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The Note, together with accrued interest of $7,018 was converted in 2018 into 4,917,251 shares of Common Stock valued at $351,999 resulting in a loss of $231,981.		$	-0-			$	115,000
On December 1, 2017, the Company received monies in exchange for a Note Payable having a Face Value of $50,000 Canadian ($38,568 US) at December 31, 2018 and ($39,855 US) at December 31, 2017 with interest accruing at 8% is due November 30, 2018. The Note is convertible after 180 days from issuance into $0.001 par value Common Stock at a price 35% below market value. The Note, together with accrued interest of $1,566 was converted in 2018 into 260,000 shares of Common Stock valued at $27,560 resulting in a gain of $12,574.		$	-0-			$	113,000
Total Notes Payable		$	419,663			$	596,577

Interest expense for the years ended December 31, 2018 and 2017 was $159,420 and $79,674, respectively. The balance of interest payable at December 31, 2018 and 2017 was $9,291 and $9,215, respectively. Loss on conversion of notes payable for the years ended December 31, 2018 and 2017 was $871,973 and $76,929 respectively.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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