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Note Receivable

12 Months Ended

Dec. 31, 2023

NOTE 5 – NOTE RECEIVABLE

On December 31, 2023 and 2022, note receivable consisted of the following:

	December 31,			December 31,
	2023			2022
Principal amount of note receivable	$	60,000		$	60,000
Accrued interest receivable		9,600			6,010
Subtotal		69,600			66,010
Less: allowance for doubtful accounts		(69,600	)		-
Note receivable – current		-			66,010

On September 30, 2021, the Company executed a note receivable agreement with NFID, LLC in connection with an Asset Purchase Agreement (see Note 4). The promissory note bore 8% interest per annum and matured on October 1, 2023. On November 8, 2023 and effective on October 1, 2023, the Company and the Buyer entered into a First Amendment Promissory Note which increased the interest rate to 9% per annum and extended the maturity date to December 30, 2023 for no consideration. The outstanding principal and accrued interest shall be due and payable on maturity. As of December 31, 2023, the Company recognized an allowance for loss on the note receivable and accrued interest receivable in an amount equal to the estimated probable losses, and accordingly, the Company recorded bad debt expense of $69,600, which represents the note receivable principal balance of $60,000 and accrued interest receivable of $9,600, which is recorded in loss from discontinued operations on the accompanying consolidated statement of operations. As of December 31, 2022, this note receivable had outstanding principal receivable of $60,000 and accrued interest receivable of $6,010 for a total receivable balance of $66,010 which is reflected in the accompanying consolidated balance sheet as note receivable – current.