Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.21.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

As of December 31, 2020, the Company had notes payable to related parties amounting to $143,000. Refer to Note 7– Related Party Transactions.

 

    As of December 31,  
    2020     2019  
             
Notes payable at beginning of period   $ 6,874,795     $ 8,158,198  
Notes payable issued     1,364,611       2,101,000  
Liquidated damages     452,095       -  
Notes modification     25,190       -  
Loan fees added to note payable     120,389       91,250  
Settlements on note payable     (697,253 )     -  
Repayments of notes payable in cash     (22,000 )     (235,000 )
Less amounts converted to redeemable notes     -       (67,500 )
Less amounts converted to stock     (1,282,631 )     (3,173,153 )
Notes payable at end of period     6,835,196       6,874,795  
Less debt discount     (201,157 )     (12,649 )
    $ 6,634,039     $ 6,862,146  
                 
Notes payable issued to former related party   $ 143,000     $ 165,000  
Notes payable issued to non-related party   $ 6,491,039     $ 6,697,146  
Schedule of Maturity Dates of Notes Payable

The maturity dates on the notes payable are as follows:

 

Twelve months ending,   Non-related parties     Former Related
party
    Total  
Past due   $ 3,238,149     $ 143,000     $ 3,381,149  
December 31, 2021     3,454,047       -       3,454,047  
Total   $ 6,692,196     $ 143,000     $ 6,835,196