Convertible Debt Assumed Upon Reverse Merger - Past Due

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Convertible Debt Assumed Upon Reverse Merger - Past Due

6. Convertible Debt Assumed Upon Reverse Merger - Past Due

Convertible debt assumed upon reverse merger consists of the following at December 31, 2022 and December 31, 2021:

	2022		2021
Total principal balance	$	20,000	$	20,000
Accrued interest		17,137		11,537
Total principal and accrued interest	$	37,137	$	31,537

On November 5, 2018, the Company completed a merger agreement dated October 23, 2018 with Incumaker, Inc., whereby all of the shareholders of the Company exchanged their shares of common stock in exchange for shares of Incumaker, Inc. common stock. The merger was treated as a reverse merger and recapitalization of the Company for financial accounting purposes. In conjunction with the merger agreement with Incumaker, Inc., the Company assumed certain outstanding convertible notes payable. The notes payable had interest rates ranging from 8% to 22% per annum. At December 31, 2022 and December 31, 2021, the remaining convertible debt assumed in the transaction had a principal balance outstanding of $20,000, and accrued interest payable of $17,137 and $11,537, respectively. As of December 31, 2022, convertible debt assumed in the transaction, including accrued interest payable, was convertible at $1.50 per share into 24,758 shares of the Company’s common stock.