LOANS PAYABLE

12 Months Ended

Dec. 31, 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 December 31, 2021, the company has an outstanding balance of $157,500, respectively.

Minimum obligations under this loan agreement are as follows:

Schedule of minimum obligations under loan agreement
For the year ending December 31,
2022	$	97,500
2023		30,000
2024		30,000
	$	157,500