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Subsequent Event
6 Months Ended
Jun. 30, 2022
Subsequent Event  
Subsequent Events

Note 9. Subsequent Events

 

The Company has evaluated events from June 30, 2022, through the date whereupon the financial statements were issued and has determined that there are no material events that need to be disclosed except as follows:

 

The Company issued a $200,000 convertible note to a non-affiliate bearing interest at 10% with a maturity date of November 30, 2022.  The convertible note can be converted into shares of common stock at a conversion price of $0.40 per share.

 

                The Company issued a $100,000 convertible note to a non-affiliate with a 7% original issue discount (OID), an interest rate of 10% and maturity date of December 31, 2023. The Company received net proceeds of $93,000 after the OID. The convertible note can be converted into shares of common stock at a conversion price of $0.35 per share.

 

The Company issued a $100,000 convertible note to a Director of the Company with a 7% OID, an interest rate of 10% and maturity date of December 31, 2023. The Company received net proceeds of $93,000 after the OID. The convertible note can be converted into shares of common stock at a conversion price of $0.35 per share.

 

The Board of Directors approved RSU Agreements with four doctors to acquire the patent application and related intellectual property rights in the “Method of Forming and Using a Hemostatic Hydrocolloid”, U.S. Patent Office Serial No. 62/875,798, filed July 18, 2019, in which a total of 16,000,000 RSU’s were granted.  The RSU’s are subject to certain conditions and shall vest upon the achievement of certain Company objectives and milestones.