Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable

Notes Receivable
3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Notes Receivable

NOTE 2 - Notes Receivable


On May 1, 2017, the Company made a loan in the principal amount of $250,000 to Jaguar Precision Machine, LLC, a New Mexico limited liability company, pursuant to a Secured Convertible Promissory Note dated May 1, 2017 delivered by Jaguar to the Company. The loan bears interest at the rate of 7% per annum, is due and payable in full on August 1, 2018, is secured by certain assets of Jaguar, and is convertible at the Company’s option into 10% of the outstanding shares of the common stock of Jaguar unless Jaguar exercises its right under specified circumstances to repay all principal and accrued interest on the loan. On June 15, 2018, the Company received a $150,000 payment from Jaguar, $17,803 of which was applied to accumulated interest through that date and $132,197, the balance, of which, was applied to the principal balance of the note. On February 14, 2019 a principal payment of $15,000 was received. The holder of the promissory note has committed to paying the remaining principal balance along with accumulated interest on or before July 31, 2019. The March 31, 2019 principal balance of the note was $102,803 and the accumulated interest balance due was $5,671.