SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE M – SUBSEQUENT EVENTS

On July 31, 2023, Lyell Environmental Services, Inc (the “Borrower”) entered into a Note Purchase Agreement (“NPA”) with each of BHP Capital NY Inc. and Quick Capital, LLC (together, the “Investors”). These agreements will provide operating capital for a large 5-month project. The combined loan amount is $750,000 and the purchase amount is $500,000. The project started on July 31, 2023 and is expected to be complete in December of 2023. The agreements provide that the $500,000 total proceeds of the two notes are to be received (1) $250,000 on July 31, 2023, (2) $150,000 on August 14, 2023 and (3) $100,000 to on September 6, 2023 and that the $750,000 total repayments of the two notes are due and payable (1) $100,000 on October 9, 2023, (2) $200,000 on November 6, 2023, (3) $200,000 due on December 4, 2023 and (4) $250,000 on January 8, 2024. The notes are secured by a first priority security interest in collateral specified in related Security Agreements and as further guaranteed by the Company (parent company of Lyell).