LOANS PAYABLE

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

LOANS PAYABLE

NOTE 7 – LOANS PAYABLE 

In April of 2021, the company settled a previously issued loan payable of $85,000 which was included in accounts payable and accrued expenses as of December 31, 2020, for $65,000 and recorded a $20,000 gain on settlement.

The Company entered into a loan agreement in April of 2019 where the company was required to pay $157,500 in five payments in the amount of $30,000 per year, with an additional $7,500, representing interest, in year two to a loan holder. As of September 30, 2021 and December 31, 2020, the company has an outstanding balance of $157,500, respectively.

Minimum obligations under this loan agreement are as follows:

For the twelve months ending September 30,
2021	$	67,500
2022		30,000
2023		30,000
2024		30,000
Total	$	157,500