|9 Months Ended|
Sep. 30, 2021
|NOTE 9 - NOTES PAYABLE||
NOTE 9 - NOTES PAYABLE
As of September 30, 2021 and December 31, 2020, the Company had an advance from a third party. The advance bears no interest and is due on demand. The balance outstanding as of September 30, 2021 and December 31, 2020 is $21,480.
On September 9, 2021, the Company issued an unsecured promissory note payable to one third party for $200,000 due June 8, 2022, with a stated interest rate of 25% per annum. The balance outstanding as of September 30, 2021 is $200,000. The interest expense during the three months and nine months ended September 30, 2021 were $3,014 and $3,014, respectively. If the Company fails to make any payment due under the terms of the promissory note, the Company shall issue a warrant to the third party to which the number of common shares that the third party has the right to purchase equals 48,309 common shares. The warrant shall have a term of three years with an exercise price of $4.14 and shall be equitably adjusted to offset the effect of any stock splits and similar events.
The entire disclosure for other liabilities.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef