Convertible Note Payable - Related Party	3 Months Ended
Mar. 31, 2021
Convertible Note Payable - Related Party
Note 5 - Convertible Note Payable - Related Party	Note 5 – Convertible Note Payable – Related Party On July 9, 2019, the Company entered into a convertible note agreement with the holder of the promissory note, whereby the holder agreed to refinance for an aggregate principal amount of $66,240 and $25,000 for administrative and consulting fees for a total note amount of $91,240. The note earns an interest rate equal to 10% per annum and matures on January 1, 2021. The Company recorded a debt discount of $25,000 as result of the original issue discount. The note is convertible at fixed rate of $0.005 of common stock. Because of the fixed nature of the conversion the Company determined that there was no beneficial conversion feature which would have qualified it for derivative accounting under ASC 815-15, ”Derivatives and Hedging.” On January 12, 2021, pursuant to a general agreement dated December 21, 2020, the Company’s President, Chief Executive Officer, Chief Financial Officer purchased the outstanding balance of the note and accrued interest totaling $104,764 from note holder. On March 1, 2021, the Company’s Board of directors approved issuance of 20,000,000 shares of common stock (pursuant to the original conversion terms of the note) for settlement of convertible note outstanding balance of $104,764 to the Company’s officer. For the three months ended March 31, 2021, and 2020, the Company recorded $0 and $695 amortization of the debt discount on the note, respectively. For the three months ended March 31, 2021, and 2020, the Company recorded interest expense of $0 and $4,613, respectively. As of March 31, 2021, and December 31, 2020, the Company had convertible note of $0 and $91,240 and accrued interest of $0 and $13,524, respectively.

Convertible Note Payable - Related Party

3 Months Ended

Mar. 31, 2021

Convertible Note Payable - Related Party

Note 5 - Convertible Note Payable - Related Party

Note 5 – Convertible Note Payable – Related Party

On July 9, 2019, the Company entered into a convertible note agreement with the holder of the promissory note, whereby the holder agreed to refinance for an aggregate principal amount of $66,240 and $25,000 for administrative and consulting fees for a total note amount of $91,240.

The note earns an interest rate equal to 10% per annum and matures on January 1, 2021. The Company recorded a debt discount of $25,000 as result of the original issue discount. The note is convertible at fixed rate of $0.005 of common stock. Because of the fixed nature of the conversion the Company determined that there was no beneficial conversion feature which would have qualified it for derivative accounting under ASC 815-15, ”Derivatives and Hedging.”

On January 12, 2021, pursuant to a general agreement dated December 21, 2020, the Company’s President, Chief Executive Officer, Chief Financial Officer purchased the outstanding balance of the note and accrued interest totaling $104,764 from note holder. On March 1, 2021, the Company’s Board of directors approved issuance of 20,000,000 shares of common stock (pursuant to the original conversion terms of the note) for settlement of convertible note outstanding balance of $104,764 to the Company’s officer.

For the three months ended March 31, 2021, and 2020, the Company recorded $0 and $695 amortization of the debt discount on the note, respectively. For the three months ended March 31, 2021, and 2020, the Company recorded interest expense of $0 and $4,613, respectively.

As of March 31, 2021, and December 31, 2020, the Company had convertible note of $0 and $91,240 and accrued interest of $0 and $13,524, respectively.

Crank Media Inc 10-Q