NON-CONVERTIBLE DEBT

12 Months Ended

Dec. 31, 2022

Non-convertible Debt

NON-CONVERTIBLE DEBT

NOTE 7 – NON-CONVERTIBLE DEBT

	December 31, 2022		December 31, 2021
Note 5	$	9,312	$	9,312
Total Non-Convertible Debt	$	9,312	$	9,312

(5) On September 16, 2016, the Company received a total of $31,661 to be used for equipment in exchange for a two year note in the aggregate amount of $31,661 with interest accruing at 18% per year and a 10% loan fee. The note is in default as of December 31, 2022 with an outstanding balance of $9,312.

B-Related Party
Loan payable - Stockholder, 0%, Due December 31, 2025 (1)	$	250,000	$	250,000
	$	250,000	$	250,000

(1) The $250,000 non-convertible note was issued as part of a Debt Modification Agreement dated January 2, 2014. On January 1, 2019, the holder of the note extended the due date until December 31, 2021.  The interest rate of the non-convertible note is 0%. The Company used the stated rate of 9% as imputed interest rate, which was $22,500 and $22,500 for the year ended December 31, 2022 and year ended December 31, 2021, respectively. As of December 31, 2022, the balance of the debt was $250,000.  On December 31, 2021, the Company entered into an agreement to further extend the debt until December 31, 2025, with no additional interest for the extension period.