| Convertible notes payable |
Convertible
notes payable consists of the following:
| |
|
March 31, 2020 |
|
December 31, 2019 |
| September 2019 Notes, issued September 29, 2019, with
a maturity date of September 29, 2020, with an interest rate of 15%. |
|
$ |
75,020 |
|
|
$ |
70,020 |
|
| January and February 2018 Notes, issued January 3, 2018 and February
16, 2018 respectively, with a maturity date of March 31, 2020 as amended, with an interest rate of 10% |
|
|
294,000 |
|
|
|
294,000 |
|
| November 2017 Notes, issued November 10, 2017, with a maturity
date of March 31, 2020, as amended, bearing no interest, and secured by substantially all of the Company's assets and guarantees
of payment by the Company's CEO, and Australian Sapphire Corporation("ASC"), a shareholder of the Company which is wholly-owned
by the Company's CEO. |
|
|
287,502 |
|
|
|
287,502 |
|
| November 2016 Notes, issued November 10, 2016, with a maturity
date of March 31, 2020, as amended, bearing no interest, and secured by substantially all of the Company's assets and guarantees
of payment by the Company's CEO, and ASC. |
|
|
287,502 |
|
|
|
287,502 |
|
| December 2015 Notes, issued December 23, 2015,
with a maturity date of March 31, 2020, as amended, bearing no interest, and secured by substantially all of the Company's
assets and guarantees of payment by the Company's CEO, and ASC. |
|
|
852,500 |
|
|
|
862,500 |
|
| Total Convertible notes payable |
|
|
1,796,524 |
|
|
|
1,801,524 |
|
| Debt discount |
|
|
— |
|
|
|
— |
|
| Convertible notes payable, net of unamortized
debt discount |
|
$ |
1,796,524 |
|
|
$ |
1,801,524 |
|
|
| Summary of convertible debt |
The
following represents a summary of the convertible debt terms at March 31, 2020:
| |
|
Amount
of Notes |
|
Debt
Discount |
|
Maturity
Dates
thru
|
|
Conversion
price |
|
Number
of Warrants |
|
Exercise
Price |
|
Warrants
Exercisable thru |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
September
2019 Notes |
|
|
$ |
75,020 |
|
|
$ |
— |
|
|
9/29/2020 |
|
$ |
0.0025 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
January
and February 2018 Notes |
|
|
|
294,000 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
1,960,000 |
|
|
$ |
0.15 |
|
|
|
2/16/2023 |
|
| |
November
2017 Notes |
|
|
|
287,502 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
3,593,776 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
November
2016 Notes |
|
|
|
287,502 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
3,593,776 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
December
2015 Notes |
|
|
|
852,500 |
|
|
|
— |
|
|
3/31/2020 |
|
$ |
0.0025 |
|
|
|
10,781,250 |
|
|
$ |
0.15 |
|
|
|
11/10/2022 |
|
| |
Total |
|
|
|
1,796,524 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
19,928,802 |
|
|
|
|
|
|
|
|
|
|
| Schedule of fair value and relative fair value |
|
|
January 3, 2018 |
|
February 16, 2018 |
| |
|
Fair value |
|
Relative fair value |
|
Fair value |
|
Relative fair value |
| Warrant |
|
$ |
95,324 |
|
|
$ |
19,784 |
|
|
$ |
65,292 |
|
|
$ |
16,955 |
|
| Common sock |
|
$ |
70,833 |
|
|
$ |
14,701 |
|
|
$ |
54,167 |
|
|
$ |
14,066 |
|
| Redeemable shares |
|
$ |
255,000 |
|
|
$ |
52,923 |
|
|
$ |
195,000 |
|
|
$ |
50,637 |
|
| Remaining note value |
|
$ |
110,300 |
|
|
$ |
22,892 |
|
|
$ |
110,300 |
|
|
$ |
28,642 |
|
| Total |
|
$ |
531,457 |
|
|
$ |
110,300 |
|
|
$ |
424,759 |
|
|
$ |
110,300 |
|
| Additional discount (interest) |
|
$ |
— |
|
|
$ |
13,808 |
|
|
$ |
— |
|
|
$ |
8,058 |
|
|