PROMISSORY NOTES PAYABLE	6 Months Ended
PROMISSORY NOTES PAYABLE	Dec. 31, 2019
PROMISSORY NOTES PAYABLE
NOTE 5 - PROMISSORY NOTES PAYABLE	On October 11, 2017, the Company issued a $150,000 Promissory Note in exchange for receiving $150,000 proceeds. The principal of $150,000 is due fourteen (14) months from the receipt of the funds. and a total interest charge of ten percent or $15,000 is to be recorded over the term of the loan. The proceeds were used by the Company to fund the motion picture known as One HLWD KY LLC. During the year ended June 30, 2019, the Company paid principal of $100,000 and $15,000 of interest payable. On September 24, 2019, the Company signed amendment agreement with lender for the balance of principal note of $50,000 with new maturity date of June 30, 2020. During the six months ended December 31, 2019, and 2018, interest expense of $2,521 and $6,575 was recorded, respectively. As of December 31, 2019, and June 30, 2019, an interest payable of $10,479 and $7,959 has been recorded, respectively. Due to change of maturity date of the loan agreement to June 30, 2020, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt. On January 4, 2018, the Company issued a $80,000 Promissory Note in exchange for receiving $80,000 proceeds. The principal of $80,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. The proceeds were used by the Company to fund the motion picture known as River Runs Red. On September 24,2019, the Company signed amendment agreement with lender for the principal note of $80,000 with new maturity date of June 30,2020. During the six months ended December 31, 2019, and 2018, interest expense of $4,033 and $4,032 was recorded, respectively. As of December 31, 2019, and June 30, 2019, an interest payable of $7,803 and $3,770 has been recorded, respectively Due to change of maturity date of the loan agreement to June 30,2020, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of changing recognized as of gain on gain on modification of debt. On February 6, 2018, the Company issued a $100,000 Promissory Note in exchange for receiving $100,000 proceeds. The principal of $100,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. The proceeds were used by the Company to fund the motion picture known as River Runs Red. On September 24, 2019, the Company signed amendment agreements with lender with maturity date of June 30, 2020, transferred the principal of note and interest payable equally to two new lenders. An interest payable of $16,328 has been recorded as of date of transfer. During the six months ended December 31,2019 and 2018, interest expenses of $2,521 and $5,042 was recorded, respectively. According to amendment agreement, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt. On February 7, 2018, the Company issued a $150,000 Promissory Note in exchange for receiving $150,000 proceeds. The principal of $150,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. The proceeds were used by the Company to fund the motion picture known as River Runs Red. During the year ended June 30, 2019, the Company paid $150,000 of principal and $15,000 of interest payable. On September 24, 2019, the Company singed general and mutual release agreement with lender, to pay $15,000 the balance of due via issuance of 20,000 shares of common stock of the Company. As of September 24, 2019, unpaid interest of $15,000 was due. During the six months ended December 31,2019 and 2018, interest expenses of $4,955 and $7,562 was recorded, respectively. According to general and mutual release agreement, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt. On September 24,2019, the company issued a $50,000 Promissory Note in exchange of settlement loan agreement of February 06,2018 with another lender for replacing $50,000 proceeds. The principal of $50,000 is due on June 30, 2020, and bears interest at 10% per annum. As of September 24, 2019, unpaid interest of $8,164 was due and transferred to a new lender. During the six months ended December 31,2019, the Company paid $45,000 of principal note payable and $5,000 of interest payable. During the six months ended December 31,2019, interest expenses of $597 was recorded. As of December 31, 2019, unpaid principal note of $5,000 and interest of $3,762 was due.

Almost Never Films Inc. 10-Q