Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Convertible Notes Payable

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Note 4 - Convertible Notes Payable
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 4 – Convertible Notes Payable

In November 2016, the Company issued a convertible note payable to a third party investor for cash proceeds in the amount of $35,000 (the “November 2016 Convertible Note”.  The November 2016 Convertible Note was originally due 90 days from the date of the note.   In May 2017, the maturity date was extended to June 30, 2017.  At the discretion of the investor, this note is also convertible into common stock  of the Company 90 days after issuance at a rate of $0.002 per share, or a total of 17,500,000 shares.  Since the conversion price of the November 2017 Convertible Note was above the stock price of $0.001 established in recent transactions, there was no beneficial conversion feature or discount associated with this note.   The Company calculated imputed interest at the rate of 8% per year on this note, and charged the amount of $690 to operations and credited additional paid-in capital  during the three months ended March 31, 2017.

In January 2017, the Company issued a convertible note payable in the amount of $34,600 (the “January 2017 Convertible Note”). This note was originally due 90 days from the date of the note. In May 2017, the maturity date was extended to June 30, 2017. At the discretion of the investor, this note is also convertible into common stock  of the Company 90 days after issuance at a rate of $0.002 per share, or a total of 17,300,000 shares.  Since the conversion price of the January 2017 Convertible Note was above the stock price of $0.001 established in recent transactions, there was no beneficial conversion feature associated with this note.   The January 2017 Convertible Note was not funded until January 13, 2017, and therefore was recorded on the books on January 13, 2017. The Company calculated imputed interest at the rate of 8% per year on this note, and charged the amount of $584 to operations and credited additional paid-in capital  during the three months ended March 31, 2017.