NOTES PAYABLE-RELATED PARTY |
6 Months Ended |
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Jun. 30, 2019 | |
| Notes to Financial Statements | |
| Note 10 - NOTES PAYABLE-RELATED PARTY |
As of June 30, 2019 and December 31, 2018, the Company had advances from Kent Emry (Chairman of the Company). The balance outstanding as of June 30, 2019 and December 31, 2018 was $1,500.
As of June 30, 2019, and December 31, 2018, the Company had advances from Scott Carley (shareholder). The balance outstanding as of June 30, 2019 and December 31, 2018 was $21,480.
On January 22, 2013, the Company issued a unsecured promissory note payable to Kent Emry (Chairman of the Company) for $200,000 due January 1, 2018, with a stated interest rate of 12% per annum beginning three months from issuance, payable monthly. Principal payments were due starting February 1, 2015 at $6,650 per month. The lender has an option to convert the note to licensing rights for the State of Oregon. The Company currently is in default of the principal and interest. The note holder subsequently became an officer of the Company. The balance outstanding as of June 30, 2019 and December 31, 2018 was $163,610. |
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- References No definition available.
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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