CONVERTIBLE PROMISSORY NOTES (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of convertible promissory notes

	1% Convertible Promissory Notes, due in 2025		1% Convertible Promissory Notes, due in 2027			Total
Net carrying value of convertible promissory notes as of December 31, 2021	$	645,000	$	-		$	645,000
Proceeds of 1% convertible promissory notes		-		2,500,000			2,500,000
Less: Allocated intrinsic value of beneficial conversion feature (Note a)		-		(400,000	)		(400,000	)
Add: Accumulated amortization of debt discount		-		72,485			72,485
Net carrying value of convertible promissory notes as of December 31, 2022 and January 31, 2023		645,000		2,172,485			2,817,485
Add: Amortization of debt discount		-		55,657			55,657
Net carrying value of convertible promissory notes as of September 30, 2023	$	645,000	$	2,228,142		$	2,873,142

Note:

(a) At the time of issuance, the Company evaluated the intrinsic value of the beneficial conversion feature (“BCF”) associated with the conversion feature of the convertible promissory note. The BCF was recorded into additional paid-in capital. Additionally, the convertible promissory note was considered to have an embedded BCF because the effective conversion price was less than the fair value of the Company’s common stock on notes issuance date. The value of the BCF was recorded as a discount on the convertible promissory note. Hence, in connection with the issuance of the convertible promissory note, the Company recorded a total debt discount of $400,000 that will be amortized over the term of the Note using effective-interest rate method.

Schedule of amortization of debt discount

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
1% convertible promissory notes, due in 2025	$	-	$	-	$	-	$	-
1% convertible promissory notes, due in 2027		18,685		17,862		55,657		54,398
Total	$	18,685	$	17,862	$	55,657	$	54,398

Schedule of interest expenses

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
1% convertible promissory notes, due in 2025	$	1,626	$	1,626	$	4,824	$	4,824
1% convertible promissory notes, due in 2027		6,301		6,301		18,699		17,466
Total	$	7,927	$	7,927	$	23,523	$	22,290