NOTES PAYABLE

3 Months Ended

Mar. 31, 2023

NOTES PAYABLE

NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

On October 17, 2019, The Company executed two secured notes with a related party for a total of $100,000. The secured notes were due on October 17, 2022. The note bears interest at 10% per annum, to be paid in advance in shares of Imagion Biosystems Limited common stock (IBX), calculated at $0.015 per share with 2 million shares of IBX common stock. The debt discount was fully amortized in prior years.

In January 2023, the Company signed an agreement with the noteholder to pay one million IBX shares with a strike price of $0.03 per share USD or $30,000, the transfer was made on January 26, 2023. The value of the shares transferred was approximately $15,000. The Company recognized a gain on settlement of debt of $15,000.  Additionally, the Company paid $10,000 in cash on March 22, 2023. The remaining balance of the note is $20,000 . 

On October 17, 2019, the Company executed a secured note with an individual for $50,000.  The secured note was due on October 17, 2022.  The Company agreed that the note bears interest at 10% per annum, to be paid in advance in shares of Imagion Biosystems Limited common stock (IBX), calculated at $0.015 per share with 1 million shares of IBX common stock.

The debt discount was fully amortized in prior years.