Annual report pursuant to Section 13 and 15(d)

14. Related Party Transactions

v3.19.1
14. Related Party Transactions
12 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
14. Related Party Transactions

14. Related Party Transactions

 

Unsecured Promissory Note Investments in 2018

 

During February 2018, we commenced an offer to certain investors, officers and directors of the Company of up to $750,000 in Unsecured Promissory Notes (individually, a “Note” and collectively, the “Notes”). Each Note bears interest on the unpaid balance at the rate of fifteen percent (15%) per annum and the principal and accrued interest is due and payable no later than December 1, 2018. The Company may prepay any of the Notes without notice, subject to a two percent (2%) pre-payment penalty.  As of the date of this report, Note investments of $1,080,000 have been received from certain investors, officers and directors of the Company.  The Note offer was conducted by our management and there were no commissions paid by us in connection with the solicitation.  As of December 31, 2018, we have repaid $1,000,000 and have $80,000 as a remaining balance of these notes.