XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE (PIK NOTES)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE (PIK NOTES)

NOTE 5 – NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE (PIK NOTES)

 

Convertible Notes Payable

 

During the nine months ended September 30, 2022 and 2021, the Company amortized $79,741 and $99,659 of the debt discount, respectively. At September 30, 2022 and December 31, 2021, the Company had an unamortized debt discount of $102,975 and $182,716, respectively.

 

During the nine months ended September 30, 2022, a total of 75,649 shares of the Company’s common stock was issued for the conversion of notes and interest. A total of $85,000 in principal and $9,985 in accrued interest was converted.

 

As of September 30, 2022 and December 31, 2021, the Company owes $230,000 and $315,000 on the outstanding Convertible Notes, respectively.

Maturity Date of Notes for Twelve Months Ended September 30, 2022  Amount due 
2022  $- 
2023   230,000 
2024   - 
2025   - 
2026   - 
Total  $230,000 

 

Convertible Notes Payable – Related Parties

 

During the nine months ended September 30, 2022 and 2021, the Company amortized $5,602 and $28,242 of the debt discount, respectively. At September 30, 2022 and December 31, 2021, the Company had an unamortized debt discount of $8,249 and $13,851, respectively.

 

As of September 30, 2022 and December 31, 2021, the Company owes $200,000 and $200,000 on the outstanding Convertible Notes, respectively.

Maturity Date of Notes for Twelve Months Ended September 30, 2022  Amount due 
2022  $- 
2023   200,000 
2024   - 
2025   - 
2026   - 
Total  $200,000