NOTE PAYABLE

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

NOTE PAYABLE

4. NOTE PAYABLE

The Company’s note payable balance is nil and $1,337,600 respectively at December 31, 2022 and 2021. The note payable is unsecured, bears 15% interest per annum and is due on demand. The Company agreed to pay a late charge in the amount of $10,000 on any interest payment more than 15 days’ delinquent. During the years ended December 31, 2022 and 2021, the Company incurred interest expenses of $133,004 and $320,640 respectively. In June 2022, the note payable in the amount of $1,337,600 was assigned to Logicquest Technology Limited. Thus, the balances of note payable was reduced to $0 as of December 31, 2022. Also see Note 5.