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CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY
9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

NOTE 9 – CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

 

The Company made an investment in the form of a convertible note in the amount of $200,000 to Canadian American Standard Hemp (CASH). The convertible note has a 7% annual interest rate and matures in 2 years. Interest and principle is payable at maturity. The note can be converted at any time, either all or part of the amount due can be converted into the borrower’s equity. During the year ended December 31, 2020, CASH merged with Real Brands, Inc. The note was amended with a new maturity date of October 15, 2023. All other terms remained the same. As consideration for the extension, the Company received one million warrants to purchase Real Brands, Inc. common stock at $0.05 per share. The convertible note and accrued interest of $42,078 can be converted into 29,742,980 shares of Real Brands common stock at a conversion price of $0.008139. If converted into common stock, the Company would own approximately 1% of Real Brands Inc. Messrs. Kidrin, Toboroff and Christos are Directors of Real Brands and Mr. Kidrin is the CEO and Mr. Ryan is the CFO of Real Brands. 

 

During the nine months ended September 30, 2022, the Company earned $10,617 in interest on the note.

 

During the nine months ended September 30, 2021, the Company earned $10,617 in interest on the note.