Long-term Debt and Convertible Promissory Notes | NOTE 6 – Long-term debt and convertible promissory notes Following is a summary of convertible promissory notes: January 31, 2019 January 31, 2018 12% convertible note payable issued July 2017, due April 2018 $ - $ 23,090 8% convertible note payable issued September 2017, due September 2018 - 44,906 12% convertible note payable issued October 2017, due October 2018 - 51,693 12% convertible note payable issued November 2017, due November 2018 - 51,184 12% convertible note payable issued December 2017, due December 2018 - 50,691 12% convertible note payable issued January 2018, due January 2019 - 50,148 8% convertible note payable issued February 2018, due November 2018 - - 8% convertible note payable issued March 2018, due January 2019 - - 8% convertible note payable issued April 2018, due February 2019 - - 8% convertible note payable issued May 2018, due March 2019 - 12% convertible note payable issued July 2018, due July 2019 21,641 - 21,641 271,712 Less debt discount (20,584 ) (9,716 ) Less current portion of convertible notes (1,057 ) (261,996 ) Long-term convertible notes payable $ - $ - On July 27, 2017, we received proceeds of $48,000, net of a $2,000 fee, under a convertible note dated July 26, 2017 (the “July 2017 Note”). The total principal under the July 2017 Note is $50,000, bears interest at 12% per annum, is due on April 26, 2018, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. During the year ended January 31, 2018, the noteholder converted an aggregate of $30,000 of this note for 45,454,544 shares of the Company’s common stock. As of January 31, 2018, we had $23,090 of principal and interest outstanding under this note. During the year ended January 31, 2019, the noteholder converted an aggregate of $23,339 of this note for 38,576,247 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On September 15, 2017, we received proceeds of $40,000, net of a $3,000 fee, under a convertible note dated September 15, 2017 (the “September 2017 Note”). The total principal under the September 2017 Note is $43,000, bears interest at 8% per annum, is due on September 13, 2018, and is convertible in shares of the Company’s common stock after 180 days at a conversion price of 65% of the lowest weighted average market price during the previous 10 trading days to the date of conversion. As of January 31, 2018, we had $44,906 of principal and interest outstanding. During the year ended January 31, 2019, the noteholder converted an aggregate of $44,720 of this note for 61,825,722 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On October 18, 2017, we received proceeds of $48,000, net of a $2,000 fee, under a convertible note dated October 18, 2017 (the “October 2017 Note”). The total principal under the October 2017 Note is $50,000, bears interest at 12% per annum, is due on October 18, 2018, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. As of January 31, 2018, we had $51,693 of principal and interest outstanding. During the year ended January 31, 2019, the noteholder converted an aggregate of $54,261 of this note for 92,993,090 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On November 22, 2017, we received proceeds of $48,000, net of a $2,000 fee, under a convertible note dated November 20, 2017 (the “November 2017 Note”). The total principal under the note is $50,000, bears interest at 12% per annum, is due on November 20, 2018, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $54,134 of this note for 104,311,615 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On December 21, 2017, we received proceeds of $48,000, net of a $2,000 fee, under a convertible note dated December 20, 2017 (the “December 2017 Note”). The total principal under the note is $50,000, bears interest at 12% per annum, is due on December 20, 2018, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $54,146 of this note for 141,350,757 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On January 25, 2018, we received proceeds of $48,000, net of a $2,000 fee, under a convertible note dated January 22, 2018 (the “January 2018 Note”). The total principal under the note is $50,000, bears interest at 12% per annum, is due on January 22, 2019, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $54,692 of this note for 298,134,302 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On February 23, 2018, we received proceeds of $50,000 from the issuance of a convertible note dated February 23, 2018 (the “February 2018 Note”). The note bears interest at 8%, includes OID of $3,000, matures on November 30, 2018, and is convertible after 180 days into shares of the Company’s common stock at a price of 65% of the average of the lowest 5 weighted average market prices of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $55,120 of this note for 123,062,822 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On March 26, 2018, we received proceeds of $50,000 from the issuance of a convertible note dated March 26, 2018 (the “March 2018 Note”). The note bears interest at 8%, includes OID of $3,000, matures on January 15, 2019, and is convertible after 180 days into shares of the Company’s common stock at a price of 65% of the average of the lowest 5 weighted average market prices of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $57,120 of this note for 159,445,163 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On April 25, 2018, we received proceeds of $40,000 from the issuance of a convertible note dated April 25, 2018 (the “April 2018 Note”). The note bears interest at 8%, includes OID of $3,000, matures on February 15, 2019, and is convertible after 180 days into shares of the Company’s common stock at a price of 65% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $44,720 of this note for 184,601,399 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On June 1, 2018, we received proceeds of $40,000 from the issuance of a convertible note dated May 29, 2018 (the “May 2018 Note”). The note bears interest at 8%, includes OID of $3,000, matures on March 15, 2019, and is convertible after 180 days into shares of the Company’s common stock at a price of 65% of the average of the lowest 5 weighted average market price of the Company’s common stock during the 10 trading days prior to conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $44,720 of this note for 229,333,333 shares of the Company’s common stock, leaving a balance of $0 as of January 31, 2019. On July 23, 2018, we received proceeds of $48,000 under a convertible note dated July 19, 2018 (the “July 2018 Note”). The total principal under the note is $50,000, bears interest at 12% per annum, includes OID of $2,000, is due on July 19, 2019, and is convertible in shares of the Company’s common stock after 180 days at a conversion price with a 45% discount to the lowest weighted average market price during the previous 20 trading days to the date of conversion. During the year ended January 31, 2019, the noteholder converted an aggregate of $31,581 of this note for 191,396,961 shares of the Company’s common stock, leaving a balance principal and accrued interest of $21,641 as of January 31, 2019. During the years ended January 31, 2019 and 2018, the Company recorded debt discounts of $461,589 and $247,299, respectively, due to the derivative liabilities, and original issue debt discounts of $14,000 and $25,000, respectively, due to the convertible notes. The Company recorded amortization of these discounts of $467,133 and $265,229 for the years ended January 31, 2019 and 2018, respectively. |