Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE

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NOTES PAYABLE
3 Months Ended
Mar. 31, 2022
NOTES PAYABLE  
NOTE 9 - NOTES PAYABLE

NOTE 9 - NOTES PAYABLE

 

As of March 31, 2022 and December 31, 2021, the Company had an advance from a third party. The advance bears no interest and is due on demand. The balance outstanding as of March 31, 2022 and December 31, 2021 is $21,480.

 

On September 9, 2021, the Company issued an unsecured promissory note payable to one third party for $200,000 with principal and interest due June 8, 2022, with a stated interest rate of 25% per annum. The balance outstanding as of March 31, 2022 and December 31, 2021 is $200,000. The interest expense during the three months ended March 31, 2022 was $12,329. 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 3 years with an exercise price of $4.14 and shall be equitably adjusted to offset the effect of any stock splits and similar events.