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SUBSEQUENT EVENT
12 Months Ended
Dec. 31, 2021
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

NOTE 13 - SUBSEQUENT EVENT

 

On January 24, 2022, the Company completed the spin-off of its subsidiary Notation Labs Inc into a stand-alone publicly traded company. On August 20, 2020, each holder of the common stock received one share of Notation labs, Inc common stock for every four shares of the Company’s common stock held at the close of business on December 10, 2021, the record date of the distribution.

 

On July 14, 2022, the Company entered into a $750,000, 12% line of credit with a Company controlled by a shareholder that is due on December 15,2023 and convertible into shares of the Company’s common stock at $0.325 per share.

 

On February 22, 2022, the Company entered into a $385,000, 12% convertible note payable including an original issue discount of $35,000 due on February 22, 2023. The note is convertible into shares of common stock equal to the closing bid price of common stock on the trading day immediately preceding the date of conversion. In order to secure the loan, the Company agreed to issue two tranches of commitment shares, 34,782 shares of common stock valued at $39,999 for the first commitment shares, and 130,434 shares of common stock valued at $149,999 for the second commitment shares. On July 28, 2022, the Company agreed to increase the principal of the loan to $414,634 in order to extend the maturity date of the loan to December 22, 2023.

 

On March 14, 2022, the Company issued 5,000 shares of the Company’s common stock valued at $5,000 for services.

 

On May 1, 2022, the Company issued 75,000 shares (post-split) to extend a certain note payable dated May 1, 2020.

 

On May 2, 2022, the Company issued 12,500 shares (post-split) to extend a certain note payable dated May 2, 2017.

 

On June 1, 2022, the Company agreed to issue 100,000 shares (post-split) to extend a certain note payable dated February 2, 2018. As of October 17, 2022, the shares had not yet been issued.

 

On July 14, 2022, the Company entered into a $500,000, 12% line of credit with a Company controlled by a shareholder that is due on December 15,2023 and convertible into shares of the Company’s common stock at $0.08 per share.

 

On August 1, 2022, the Company received and cancelled 126,440 shares of common stock valued at $158,050 that had previously been issued as commitment shares for a note payable.