Annual report pursuant to Section 13 and 15(d)

NOTE 5 - OTHER LIABILITIES

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NOTE 5 - OTHER LIABILITIES
12 Months Ended
Dec. 31, 2018
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Other Liabilities Disclosure [Text Block]

NOTE 5 – OTHER LIABILITIES


In 2016, the Company recorded a liability in connection with the sale of two EEG machines as it provided a guarantee to the customer’s financing company (See Note 2). In June 2017, the customer defaulted on its payments and an additional $19,107 was booked as a liability and recognized as a loss on the sale of the assets for interest and some taxes related to the transaction. As of December 31, 2018 and December 31, 2017, total liability to the financing company reflected in Other Liabilities is $12,549 and $17,582, respectively.


Future minimum commitments related to the EEG liability consisted of the following at December 31, 2018:


Years ended December 31,

 

Amount (USD)

 

2019

    5,454  

2020

    7,095  

Total

  $ 12,549  

On December 28, 2017, the Company borrowed $50,000 from a third party (the “Lender”). The loan was non-interest bearing and had no maturity date. As of December 31, 2017, the Company had an outstanding balance of $50,000. In January 2018, the Company issued a $97,000 convertible note payable to the Lender, which was funded by the $50,000 borrowed on December 28, 2017 plus additional proceeds of $47,000 (See Note 4).