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NOTE 6 - CONVERTIBLE LOANS

9 Months Ended

Sep. 30, 2021

NOTE 6 - CONVERTIBLE LOANS

At September 30, 2021 and December 31, 2020, convertible loans consisted of the following:

	September 30,		December 31,
	2021		2020
Promissory notes – Issued in fiscal year 2019, with variable conversion features	$	—	$	5,000
Promissory notes – Issued in fiscal year 2020, with variable conversion features		—		623,660
Total convertible notes payable		—		628,660
Less: Unamortized debt discount		—		(372,290)
Total convertible notes		—		256,370

Less: current portion of convertible notes		—		253,554
Long-term convertible notes	$	—	$	2,816

During the nine months ended September 30, 2021 and 2020, the Company recorded interest expense of $33,429 and $689,996 and recognized amortization of discount, included in interest expense, of $372,290 and $1,463,426, respectively.

During the nine months ended September 30, 2021 and 2020, the Company repaid notes of $250,000 and $492,190 and accrued interest including prepayment penalty of $6,027 and $552,631, respectively.

During the nine months ended September 30, 2021, the Company recorded gain on settlement of debt of $11,069.

Conversion

During the nine months ended September 30, 2021, the Company converted notes with principal amounts and accrued interest of $422,295 into 6,080,632 shares of common stock. The corresponding derivative liability at the date of conversion of $708,611 was settled through additional paid in capital.