Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
9 Months Ended
Sep. 30, 2020
NOTES PAYABLE  
Note 9 - NOTES PAYABLE

As of September 30, 2020, and December 31, 2019, the Company had advances from a third party. The advances bear no interest and are due on demand. The balance outstanding as of September 30, 2020 and December 31, 2019 was $21,480.

 

The Company had notes payable outstanding during 2019 that were paid off prior to December 31, 2019.

 

During the three and nine months ended September 30, 2019, the Company amortized $19,428 and $127,419, respectively, of the debt discount to current period interest expense. The interest expense during the three and nine months ended September 30, 2019 was $3,151 and $8,110, respectively. No interest expense and amortization of debt discount were recorded during the three and nine months ended September 30, 2020.