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NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE

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

 

Convertible Notes Payable

 

During the years ended December 31, 2022 and 2021, the Company amortized $110,797 and $333,400 of the debt discount, respectively. At December 31, 2022 and December 31, 2021, the Company had an unamortized debt discount of $79,409 and $182,716, respectively.

 

During the year ended December 31, 2022, a total of 18,912 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 December 31, 2022 and December 31, 2021, the Company owes $230,000 and $315,000 on the outstanding Convertible Notes, respectively. These convertible notes have a maturity date of November 6, 2023.

 

Convertible Notes Payable – Related Parties

 

During the years ended December 31, 2022 and 2021, the Company amortized $7,490 and $93,737 of the debt discount, respectively. At December 31, 2022 and December 31, 2021, the Company had an unamortized debt discount of $6,361 and $13,851, respectively.

 

As of December 31, 2022 and December 31, 2021, the Company owes $200,000 and $200,000 on the outstanding Convertible Notes, respectively. These convertible notes have a maturity date of November 6, 2023.