Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE - RELATED PARTIES

v3.19.2
NOTES PAYABLE - RELATED PARTIES
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
NOTES PAYABLE - RELATED PARTIES

On June 28, 2017, the Company issued promissory notes to two of the Company’s then executive officers. The promissory notes accrue interest at a rate of 8.0% per annum and matures on the earlier of (i) one (1) year from the date of the promissory note, and (ii) the closing the sale of the Company’s securities in a single transaction or a series of related transactions from which at least $500,000 of gross proceeds are raised. During the six months ended June 30, 2019, the Company had borrowed $14,229 under the promissory notes. Between February 2019 and March 2019, the Company paid $11,129 under the promissory notes. Additionally, in March 2019, the Company issued 153,080 shares of its Common Stock to a former executive officer upon the conversion of $27,000 of principal amount and accrued interest of $3,267 under a promissory note. During the six months ended June 30, 2019 and 2018, the Company recognized $1,072 and $1,397, respectively, of interest expense. As of June 30, 2019 and December 31, 2018, the notes had accrued interest balances of $3,733 and $5,928, respectively. As of June 30, 2019 and December 31, 2018, the principal balance under the notes was $27,500 and $51,400, respectively.