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LOANS PAYABLE
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 6 — LOANS PAYABLE

 

Legacy Ventures International, Inc.

 

On September 11, 2017, the Company issued a promissory note (the “Promissory Note”) in favor of Legacy Ventures International, Inc. (“Legacy”) as part of a commercial transaction with Legacy that was never consummated. The Promissory Note was issued in the original principal amount of $500,000, with interest at 4% per annum and a maturity date of December 31, 2017. As of September 30, 2023, this promissory note is in default. The Company recorded $15,000 and $15,000 of interest expense for the nine months ended September 30, 2023 and 2022, respectively. The Company recorded $5,000 and $5,000 of interest expense for the three months ended September 30, 2023 and 2022, respectively. The amount outstanding at September 30, 2023 and December 31, 2022 was $500,000.