Convertible Note | Note 3. Convertible Note On July 8, 2017, we issued a convertible promissory note for services provided in the principal amount of $50,000 bearing interest at 1% per annum until paid or converted. The conversion price of the note is $0.008 per share. The closing price of the Company’s common stock on July 7, 2017 was $0.008 per share. Interest will be payable upon the maturity date at July 7, 2018. On October 1, 2018, the Company agreed to adjust the interest rate, effective July 1, 2018, on this convertible note from 1% to 8%. On November 19, 2019, WWYD, Inc., the note holder, and the Company agreed to convert the principal amount and the accrued interest of $55,800 into 6,975,000 shares of restricted common stock. The Company did not record neither gain not loss in connection with this conversion of debt into equity. During the three-month periods ended September 30, 2020 and 2019, the Company recorded $0 and $997, respectively, in interest. As of September 30, 2020 and June 30, 2020, the accrued interest for this convertible note was $0. On September 1, 2017, we entered into a Loan Agreement with Ivo Heiden, our sole officer and director, under which we receive funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8% per annum and shall be due and payable on a date 366 days from the date of the loan. On May 1, 2020, the Loan Agreement was extended to September 1, 2021. As of September 30, 2020 and June 30, 2020, the outstanding balance on this loan was $31,904 and $28,155 with accrued interest of $7,631 and $7,012. During the three-month periods ended September 30, 2020 and 2019, the Company borrowed $3,749 and $3,734, respectively, under this Loan Agreement. During the three-months period ended September 30, 2020 and 2019, we expensed interest of $619 and $470, respectively, related to this Loan Agreement. On October 12, 2018, we issued a $75,000 convertible promissory note to Ivo Heiden. The convertible note bears interest at 8% per annum until paid or converted. The conversion price of the note is $0.034 per share, the closing price of the Company’s common stock on the date of issuance. Interest will be payable upon the maturity date at October 12, 2020. During the three-month periods ended September 30, 2020 and 2019, the Company expensed interest of $1,512 and $1,496, respectively, related to this note. As of September 30, 2020 and June 30, 2020, the Company has recorded $11,753 and $10,241, respectively, in accrued interest with respect to this convertible note. On May 1, 2020, we issued a $90,000 convertible promissory note to Ivo Heiden. The convertible note bears interest at 8% per annum until paid or converted. The conversion price of the note is $0.04 per share, the closing price of the Company’s common stock on the date of issuance. Interest will be payable upon the maturity date at May 1, 2022. During the three-month period ended September 30, 2020, the Company expensed interest of $1,815 related to this note. As of September 30, 2020 and June 30, 2020, the Company has recorded $3,018 and $1,203, respectively, in accrued interest with respect to this convertible note. In accordance with ASC # 815, Accounting for Derivative Instruments and Hedging Activities, we evaluated the note holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Convertible Note to determine whether the features qualify as an embedded derivative instrument at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments. |