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Advances and Non-Convertible Notes Payable
6 Months Ended
Jun. 30, 2020
Advances And Nonconvertible Notes Payable [Abstract]  
ADVANCES AND NON-CONVERTIBLE NOTES PAYABLE

NOTE 5 – ADVANCES AND NON-CONVERTIBLE NOTES PAYABLE

 

During the six months ended June 30, 2020 and 2019, the Company received aggregate proceeds from advances of $0 and $140,000 and repaid an aggregate of $0 and $58,150, respectively, of advances. The advances were primarily for Simple Agreements for Future Tokens, entered into with accredited investors issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) thereof and/or Regulation D thereunder in 2017 and 2018. As of June 30, 2020 and December 31, 2019, the Company owed $337,500 and $337,500 in principal and $10,500 and $10,500 in accrued interest, respectively.

  

During the six months ended June 30, 2020 and 2019, the Company received proceeds from the issuance of non-convertible notes of $110,000 and $0 and repaid an aggregate of $37,250 and $0, respectively, of non-convertible notes. The non-convertible notes have maturity dates ranging from March 18, 2019 to June 26, 2022 and accrue interest at rates ranging from 0% to 36%   per annum. As of June 30, 2020 and December 31, 2019, the Company owed $243,500 and $165,750 in principal and $226,272 and $158,143 in accrued interest, respectively.