Quarterly report pursuant to Section 13 or 15(d)

Notes Payable - Related Party

v3.10.0.1
Notes Payable - Related Party
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Notes Payable - Related Party

6 NOTES PAYABLE – RELATED PARTY

 

As of September 30, 2018 and December 31, 2017, notes payable due to a related party consists of:

 

    September 30, 2018     December 31, 2017  
Note payable to SMDMM Funding LLC; interest at 8% per annum; due on demand   $ -     $ 344,241  
Note payable to SMDMM Funding LLC; interest at 8% per annum; due on demand     241,000       -  
Note payable to SMDMM Funding LLC; interest at 8% per annum; due on demand     430,000       -  
Note payable – to SMDMM Funding LLC; interest at 8% per annum     30,000       -  
Promissory note issued according to Merger Agreement; interest at 3% per annum; maturing December 31, 2018     3,000,000       -  
Notes payable—related party   $ 3,701,000     $ 344,241  

 

SMDMM Funding, LLC is owned by the Company’s chief executive officer. Accrued interest owed to SMDMM Funding, LLC was $35,525 and $1,711 at September 30, 2018 and December 31, 2017, respectively.