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NOTE 9. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Notes  
NOTE 9. SUBSEQUENT EVENTS

NOTE 9. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from December 31, 2022, through the date the financial statements were issued and has determined that there are no material events that need to be disclosed, except as follows:

 

In the first quarter of 2023, Mr. Cooper funded the remainder of the Subscription Receivable of $520,261 in connection with the commitment letter for $2,000,000.  Mr. Cooper also provided additional funding of $75,000 to the Company. In connection with the additional funding, the Company entered into a promissory note which will be subject to a security agreement that will require us to pledge our patents and other intellectual as collateral for the loan. We believe that our intellectual property and patents are valuable assets and are important to our business operations. However, we have entered into this loan agreement in order to meet our financial obligations and to ensure that we have sufficient working capital to continue our operations. While we do not anticipate any default on the loan, in the event that we do default, Mr. Cooper may take possession of our intellectual property and patents. This could have a material adverse effect on our business and operations.