NOTES PAYABLE

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 7 - NOTES PAYABLE

On November 29, 2022, the Company received cash from an individual in the amount of $50,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. As of December 31, 2023 and 2022, accrued interest on this note totaled $2,521 and $271, respectively.

On December 5, 2022, the Company received cash from an individual in the amount of $30,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. As of December 31, 2023 and 2022, accrued interest on this note totaled $1,478 and $128, respectively.

On January 1, 2023, the Company had legal fees paid directly from an individual in the amount of $20,000 as a loan bearing interest at 5%, with a term of 12 months of the date received. As of December 31, 2023, the accrued interest on this note totaled 900.

In connection with the acquisition of the License Agreement, the Company executed a Promissory Note in the amount of $5,044,610, bears interest at 2.168%, is payable quarterly in graduating amounts over a 5-year period and is unsecured. On December 31, 2020, the note holder agreed to delay the interest accrual until 2024 and delayed the quarterly installments. As of December 31, 2023, the balance on this loan was $4,968,177.

Future maturities of notes payable are as follows:

Year Ending December 31,

2023	$	180,000
2024		344,330
2025		714,795
2026		1,093,359
2027		2,635,693
Thereafter		-
Total	$	4,968,177

On September 30, 2023, the Company wrote off $871,082 in old notes payable that were no longer viable as well as $434,053 in accrued interest that was being calculated on those notes.