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CONVERTIBLE NOTES PAYABLE (Tables)
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF OUTSTANDING CONVERTIBLE NOTES

 

Name     

Principal due

June 30, 2022

  

Accrued interest

June 30, 2022

  

Total amount due

June 30, 2022

 
Private Placement, 2021 Notes   (1)  $2,165,000   $81,063    2,246,063 
Private Placement, 2022 Notes   (2)   1,467,000    41,237    1,508,237 
        $3,632,000   $122,300    3,754,300 

 

  (1) $1,000,000 of this amount was used to extinguish the Old Notes. Net cash received for these notes were $1,045,150, after a Debt Discount of $119,850 was paid to the sole Placement Agent: WallachBeth Capital, LLC (Member FINRA / SIPC).
  (2) Net cash received for these notes were $1,380,960, after a Debt Discount of $86,040 was paid to the sole Placement Agent: WallachBeth Capital, LLC (Member FINRA / SIPC).

 

At December 31, 2021 the outstanding convertible notes were as follows:

 

Name     

Principal due

December 31, 2021

  

Accrued interest

December 31, 2021

  

Total amount due

December 31, 2021

 
Notes sold in exchange for cash   (1)  $1,165,000   $46,108    1,211,108 
Note issued in exchange for defaulted Old Notes   (2)   1,000,000    39,577    1,039,577 
        $2,165,000   $85,685    2,250,685 

 

  (1) Net cash received for these notes were $1,045,150, after a Debt Discount of $119,850 was paid to the sole Placement Agent: WallachBeth Capital, LLC (Member FINRA / SIPC).
  (2) The “Old Notes” were paid off and assumed by a different entity/company. A new note of $1,000,000 was issued to a third party.
SCHEDULE OF CONVERTIBLE NOTES PAYABLE

Convertible notes payable consists of the following at June 30, 2022 and December 31, 2021:

 

   June 30, 2022  December 31, 2021
Principal balance  $3,632,000   $2,165,000 
Unamortized debt discount   (38,350)   (42,819)
Outstanding, net of debt discount and premium  $3,593,650   $2,122,181