Notes Payable - Related Party |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Related Party Transactions [Abstract] | |
| NOTES PAYABLE - RELATED PARTY | NOTE 7. NOTES PAYABLE - RELATED PARTY
The Company had notes payable to stockholders who are our president and former chief financial officer. The notes bear interest at 4% per annum and were due on December 31, 2018. One of these notes was paid in full in June 2019 (see below), and the other note was extended to December 31, 2022. The notes payable had an unpaid balance of $167,393 and $167,393 as of December 31, 2021 and 2020, respectively.
On June 6, 2019, the president of the Company assumed the debt of the former chief financial officer’s note totaling $29,273, of which $25,100 was principal and $4,173 was accrued interest. The former chief financial officer’s note was paid in full by the president and was added to his note balance.
The Company recorded interest expense of $6,696 and $6,696 for the years ended December 31, 2021 and 2020, respectively, for these notes payable. Accrued interest related to these notes payable were $38,364 and $31,668 as of December 31, 2021 and 2020, respectively. |