NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2021 | |
NOTES PAYABLE | |
NOTE 9 - NOTES PAYABLE | NOTE 9 - NOTES PAYABLE
As of December 31, 2021 and 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 December 31, 2021 and 2020 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 December 31, 2021 is $200,000. The interest expense during the year ended December 31, 2021 was $15,616. 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. |