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CONVERTIBLE NOTE PAYABLE TO FORMER PARENT
9 Months Ended
Sep. 30, 2022
Convertible Note Payable To Former Parent  
CONVERTIBLE NOTE PAYABLE TO FORMER PARENT

NOTE 9 – CONVERTIBLE NOTE PAYABLE TO FORMER PARENT

 

On April 6, 2018, the Company issued a $475,000 convertible promissory note (the “2018 ARH Note”) to the Former Parent for services rendered and expense paid on behalf of the Company. The 2018 ARH Note has no stated interest rate or maturity date and is convertible into shares of the Company’s common stock at a conversion price of $3.50 per share at a time to be determined by the lender.

 

On April 11, 2018, the Former Parent elected to partially convert the 2018 ARH Note for the principal of $392,542 into 112,154 shares of the Company’s common stock.

 

The Company had an aggregate gross amount of $82,458, as of September 30, 2022, and December 31, 2021, respectively, in convertible notes payable to Former Parent outstanding.