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CONVERTIBLE NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
The transactions set forth below were approved by the Company’s Board of Directors on June 4, 2021

The transactions set forth below were approved by the Company’s Board of Directors on June 4, 2021.

 

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 notes  (2)  1,000,000    39,577    1,039,577 
      $2,165,000   $85,685    2,250,685 
CONVERTIBLE NOTES PAYABLE

Name  

Due at

May 26, 2019

    Principal
Amount
    Default Penalty     Warrants Issued     Term     Exercise
Price
    Amortization
of Warrants
    Accrued Interest  
 Old Notes     Defaulted      $ 938,400     $ 673,956       272,000             2.00      $ 97,279     $ 407,967  

 

Convertible notes payable consists of the following at December 31, 2021 and December 31, 2020

Convertible notes payable consists of the following at December 31, 2021 and December 31, 2020:

 

   December 31, 2021   December 31, 2020 
Principal balance  $1,165,000   $938,400 
Principal balance, related party   1,000,000     
Default penalty       673,956 
Unamortized debt discount   (42,819)    
Outstanding, net of debt discount and premium  $2,122,181   $1,612,356