Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE, STOCKHOLDER AND NOTE PAYABLE

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NOTE PAYABLE, STOCKHOLDER AND NOTE PAYABLE
6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
NOTE PAYABLE, STOCKHOLDER AND NOTE PAYABLE

NOTE 7 – NOTE PAYABLE, STOCKHOLDER

 

A summary of the activity for the three months ended June 30, 2019, and the year ended December 31, 2018, of amounts the Company’s CEO (stockholder) loaned the Company and amounts repaid is as follows:

 

    June 30,
2019
  December 31,
2018
Beginning Balance   $ 95,800     $ 65,000  
Amounts loaned to the Company     —         36,800  
Repaid     —         —    
Ending Balance   $ 95,800     $ 95,800  

 

The ending balance amount is due on demand, carries interest at 8% per annum and is included Notes payable, stockholder on the consolidated balance sheets included herein.

 

NOTE 8 – NOTE PAYABLE

 

On October 8, 2018, the Company entered into a Business Loan Agreement (the “October BLA”) for $47,215 with a third- party, whereby the Company received $35,500 on October 10, 2018. The October BLA requires the Company to make the first six monthly payments of principal and interest of $4,467 per month, and then $3,402 for months seven through twelve. The note carries a 33% interest rate and matures on October 28, 2019. As of June 30, 2019, and December 31, 2018, there was a balance of $17,010 and $38,280, respectively, on the October BLA, with carrying values of $13,641 and $29,270, respectively, net of unamortized discounts of $3,379 and $9,011, respectively.

 

On February 4, 2019, the Company entered into a Business Loan Agreement (the “Feb 2019 BLA”) for $8,584 with a third- party, whereby the Company received $7,400 on February 5, 2019. The Feb 2019 BLA requires the Company to make the first two monthly payments of principal and interest of $1,640 per month, and then $1,326 for months three through six. The note carries a 16% interest rate and matures on August 4, 2019. As of June 30, 2019, there was a balance of $2,653, with a carrying value of $2,455, net of unamortized discounts of $198.

 

On May 7, 2019, the Company entered into a Business Loan Agreement (the “May 2019 BLA”) for $18,088 with a third- party, whereby the Company received $13,600 on May 7, 2019. The May 2019 BLA requires the Company to make the first six monthly payments of principal and interest of $1,711 per month, and then $1,303 for months seven through twelve. The note carries a 33% interest rate and matures on May 7, 2020. As of June 30, 2019, there was a balance of $16,377, with a carrying value of $12,625, net of unamortized discounts of $3,752.