Notes Payable | 6. Notes payable Notes payable consist of the following: March 31, 2019 December 31, 2018 Promissory note issued July 29, 2014 to Ira Gaines. In 2016, the maturity date on the note was extended to December 1, 2017. As of March 31, 2019, the note is in default. The note earns interest at a rate of 18% per annum. $ 100,000 $ 100,000 Promissory notes issued between November 26, 2014 and December 31, 2015, to raise up to $2,000,000 in debt. Lenders earn interest at a rate of 10% per annum, plus a pro-rata share of two percent of the Company’s gross receipts for sales of IRT-103-LDN in perpetuity. Notes will be repaid in 36 monthly installments of principal and interest commencing no later than October 15, 2015. These notes were in default at March 31, 2019, as the Company was unable to pay installments on their due dates. 286,000 286,000 Promissory notes issued between May 1, 2015 and December 31, 2016 and maturing between June 14, 2015 and December 1, 2017. Lenders on loans aggregating $375,994 earn interest at rates between 2% and 18% per annum. On loans aggregating $100,000, interest is payable in a fixed amount not tied to a specific interest rate. The Company was unable to repay the notes at maturity and at March 31, 2019 the note was in default. 725,994 725,994 Promissory notes issued to an officer of the Company effective November 3, 2015 and maturing November 3, 2016 for settlement of accrued payroll, bearing interest at 10% per annum and including a stock conversion feature. The Company was unable to repay the note at maturity and at March 31, 2019 the note was in default. 97,737 97,737 Promissory notes issued between July 1, 2016 and December 31, 2016. Lenders earn interest at 2% per annum. The notes mature on December 31, 2017, and at March 31, 2019 the notes were in default. 206,000 206,000 Notes aggregating $1,350,000 issued in the fourth quarter 2016. The notes accrue interest at 2% per annum and mature between November 1, 2017 and December 31, 2017. As March 31, 2019, the notes were in default. 1,354,000 1,354,000 Notes aggregating $500,000 issued in the first quarter of 2017. The notes accrue interest at 2% per annum and mature between January 12, 2018 and March 31, 2018. At March 31, 2019, the notes were in default. 500,000 500,000 Promissory notes issued January 25, 2017. The lenders earn interest at 7% per month. The notes mature on July 5, 2017, and at March 31, 2019 the notes were in default. 50,000 50,000 Notes aggregating $300,000 issued in the second quarter of 2017. The notes accrue interest at 2% per annum and mature between April 3, 2018 and May 31, 2018. At March 31, 2019, the notes were in default. 300,000 300,000 Notes aggregating $191,800 issued in the third quarter of 2017. The notes accrue interest at 2% per annum and mature between June 16, 2018 and December 31, 2018. At March 31, 2019, the notes were in default. 191,800 191,800 Promissory note from $425,000 was issued in October 2017 with an original issue discount of $70,000. The note is in default, giving the holder an option to convert the note to stock using the lowest value of the Company’s common stock 25 days prior to the conversion. In 2018, The defaults also resulted in certain penalties, as a result of which the principal amount of the note outstanding at March 31, 2019 had increased to $454,032 $27,110 of accrued interest owed on the note has been converted to stock. The Company has accrued a $738,609 derivative liability for the remaining conversion right. 454,032 455,122 Notes aggregating $105,500 issued in the fourth quarter of 2017. The notes accrue interest at 2% per annum. At March 31, 2019, the notes were in default. 105,500 105,500 Notes aggregating $47,975 issued in the first quarter of 2018. The notes accrue interest at 2% per annum and mature between May 2018 and January 2019. At March 31, 2019, These notes were in default 47,975 47,975 Notes aggregating $125,000 issued in the first quarter of 2018. The notes accrue interest between 2% and 12% per annum and mature between April 2018 and June 2018. These notes include warrants between 5,000,000 and 20,000,000 shares with an exercise price of $0.0005. At March 31, 2019 the notes were in default 125,000 125,000 Notes aggregating $65,000 issued in the second quarter of 2018. The notes accrue interest between 2% per annum and mature between July 2018 and October 2018. These notes include warrants between 1,000,000 and 5,000,000 shares with an exercise price of $0.005. At March 31, 2019 the notes were in default 65,000 65,000 Notes aggregating $193,000 issued in the third quarter of 2018. The notes accrue interest at 2% per annum and mature between November 2018 and January 2019. These notes include warrants between 600,000 and 5,000,000 shares with an exercise price of $0.005. At March 31, 2019. $103,000 of these notes were in default 193,000 193,000 Notes aggregating $533,855 issued in the fourth quarter of 2018. The notes accrue interest from 2% to 3.5% per annum and mature between February 2019 and December 2019. These notes include warrants between 200,000 and 39,500,000 shares with an exercise price of $0.005 to $0.04 At March 31, 2019. $379,000 of these notes were in default 533,855 533,855 Notes aggregating $23,000 issued in the first quarter of 2019. The notes accrue interest at 2% per annum and mature during July 2019. These notes include warrants between 4,600,000 shares with an exercise price of $0.005. 23,000 - Notes aggregating $231,478 issued in the first quarter of 2019. The notes accrue interest at 6% per annum and mature in February 2020. 231,478 - Less: Original issue discount on notes payable and warrants issued with notes. (110,986 ) (149,256 ) Total $ 5,479,385 $ 5,187,727 As of March 31, 2019, the Company had accrued $877,570 in unpaid interest and default penalties. During the quarter ended March 31, 2019, 18,255,225 shares with a fair value of $78,500 were issued by the Company for settlement of promissory notes totaling $27,710. |