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Notes Payable
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Notes Payable

Note 5 – Notes Payable

 

As of June 30, 2022 and December 31, 2021, the Company had $-0- and $1,900,000, respectively in notes payable outstanding. At June 30, 2022 and December 31, 2021, total accrued interest on Notes Payable was $-0- and $48,287, respectively.

 

The Company’s Notes Payable at December 31, 2021 consisted of the following:

 

On April 20, 2021, the Company received monies in exchange for a Note Payable having a Face Value of $500,000 with interest accruing at 5% due April 20, 2023. The Note was convertible after 180 days from issuance into common stock at a price equal to $0.30 per share. On February 17, 2022, the Company paid off the entire principal balance of this Note, together with accrued interest of $20,753 by making a cash payment of $520,753.

 

On July 6, 2021, the Company received monies in exchange for a Note Payable having a Face Value of $900,000 with interest accruing at 5%, due July 6, 2023. The Note was convertible after 180 days from issuance into common stock at a price equal to $0.30 per share. On February 17, 2022, the Company paid off the entire principal balance of this Note, together with accrued interest of $27,863 by making a cash payment of $927,863.

 

On August 18, 2021, the Company received monies in exchange for a Note Payable having a Face Value of $500,000 with interest accruing at 5%, due August 18, 2023. The Note was convertible after 180 days from issuance into common stock at a price equal to $0.30 per share. On February 17, 2022, the Company paid off the entire principal balance of this Note, together with accrued of $12,534 by making a cash payment of $512,534.