NOTE 6 - CONVERTIBLE NOTES | March 31, December 31, Expiry Date 2021 2020 Convertible Notes - July 2017 6/30/2022 $ 116,000 $ 116,000 Convertible Notes - January 2020 Due on demand 8,033 8,033 Convertible Notes - March 2020 Due on demand 4,768 4,768 Convertible Notes - June 2020 Due on demand 13,800 13,800 Convertible Notes - September 2020 Due on demand 7,307 7,307 Convertible Notes - December 2020 Due on demand 6,074 6,074 Less debt discount (2,987 ) (3,584 ) 152,995 152,398 Less current portion of convertible note payable (39,982 ) (39,982 ) Long-term convertible notes payable $ 113,013 $ 112,416 Convertible Notes – July 2017 On July 1, 2017, the Company replaced the promissory notes held by the four non-affiliated assignees with convertible notes at principal amount of $34,000, for total note principal amount of $136,000. The convertible notes bear interest at 4% per annum, has an original expiry date of June 30, 2019 and subsequently extended to June 30, 2022 and are convertible at $0.005 per share for the Company common stock. On January 2, 2018, the four non-affiliated holders of the convertible notes elected to convert $5,000 principal portion of their notes for 1,000,000 shares of common stock at $0.005 per share. An aggregate $20,000 principal amount of the four convertible notes were converted for 4,000,000 common shares. Convertible Note – January 2020 On January 2, 2020, the Company replaced a promissory note of $17,033 originally issued to an unaffiliated party on December 31, 2017 with a convertible note of $17,033. The convertible note is due on demand, bear interest at 10% per annum and is convertible at $0.003 per share. The discount on convertible note from beneficial conversion feature of $17,033 was fully amortized during the year ended December 31, 2020. Convertible Note – March 2020 On March 4, 2020, the convertible note comprising of principal amount of $17,033 and accrued interest of $21,073 was sold to another unaffiliated party. On March 23, 2020, the principal amount of the convertible note of $9,000 was converted into 3,000,000 shares of common stock. (see Note 7) On March 31, 2020, the Company issued to an unaffiliated party a convertible note at $4,768 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $4,768 was fully amortized during the year ended December 31, 2020. Convertible Note – June 2020 On June 30, 2020, the Company issued to an unaffiliated party a convertible note at $13,800 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $13,800 was fully amortized during the year ended December 31, 2020. Convertible Note – September 2020 On September 30, 2020, the Company issued to an unaffiliated party a convertible note at $7,307 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $7,307 was fully amortized during the year ended December 31, 2020. Convertible Note – December 2020 On December 31, 2020, the Company issued to an unaffiliated party a convertible note at $6,074 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $6,074 was fully amortized during the year ended December 31, 2020. During the three months ended March 31, 2021 and 2020, the Company recognized amortization of debt discount and beneficial conversion feature of $600 and $22,401, respectively. As of March 31, 2021 and December 31, 2020, the convertible notes payable was $113,013 and $112,416, net of note discount of $2,987 and $3,584, and accrued interest payable was $65,441 and $61,684, respectively. |