Secured Promissory Note (Tables)

12 Months Ended

Dec. 31, 2018

Secured promissory note consists of the following at periods ended:

	As of December 31, 2018		As of December 31, 2017

Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		130,275		115,802
Total		130,275		115,802
Less: current portion		-		-
Secured promissory notes	$	130,275	$	115,802

Schedule of Secure Promissory Notes

Continuity of Secured Promissory Notes	As of December 31, 2018			As of December 31, 2017
Face value of August 10, 2016 secured note payable	$	100,000		$	100,000
Total face value of promissory notes payable		100,000			100,000
Discount on August 10, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Accretion of discount on secured notes payable ($100,000 secured note payable)		933			533
Accrued interest on secured notes payable		31,342			17,269
Carrying value of Secured Promissory Notes	$	130,275		$	115,802

Schedule of Annual Repayments

The following annual payments of principal and accrued interest are required over the next five years in respect to these secured notes payable:

Years Ending December 31,	Annual Payments
2019	$	-
2020		-
2021		130,275

Total	$	130,275

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Plastic2Oil, Inc. 10-K/A