Notes Payable | Note 7 Notes Payable The following are the various notes payable of the Company: PPP Loan - 294,066 145,411 151,502 294,825 146,959 , Nonconvertible notes, related party - 1,244,655 1,180,937 63,718 Schedule of Nonconvertible Notes Related Party Interest Rate Issuance Date Maturity September 30, 2021 4.00 % 12/31/2018 12/31/2020 55,250 4.00 % 12/31/2018 12/31/2020 66,900 4.00 % 12/31/2018 12/31/2020 74,220 4.00 % 9/30/2019 9/29/2021 314,000 4.00 % 9/17/2019 9/16/2020 81,500 4.00 % 9/30/2019 9/29/2021 12,450 1.00 % 12/31/2020 12/30/2022 254,382 1.00 % 12/31/2020 12/30/2022 235,600 1.00 % 12/31/2020 12/30/2022 83,785 4.00 % 12/31/2020 12/31/2021 53,100 4.00 % 12/31/2020 12/31/2021 13,468 1,244,655 Nonconvertible notes, non-related- 2,670,844 2,468,219 202,625 Schedule of Nonconvertible Notes Non Related Interest Rate Default Rate Issuance Date Maturity September 30, 2021 14.00 % 8/1/18 1/31/20 500,000 14.00 % Additional 2 % 10/30/19 10/29/20 229,500 14.00 % - 2/5/2020 2/5/2021 51,000 - % - % 2/28/2020 8/27/2020 372,219 20.00 % Additional 2 % 2/25/2020 8/24/2020 208,000 20.00 % Additional 2 % 2/28/2020 8/27/2020 102,000 14.00 % Additional 2 % 12/31/2019 12/31/2020 102,000 20.00 % Additional 2 % 4/24/2020 4/23/2021 20,000 30.00 % Additional 2 % 10/29/2020 2/28/2021 25,500 12.00 % Additional 2 % 10/30/2020 11/1/2021 25,500 12.00 % Additional 2 % 10/30/2020 11/1/2021 25,500 20.00 % - 2/5/2021 7/4/2021 112,000 18.20 % 25.00 % 9/18/2019 9/18/2023 25,055 18.20 % 25.00 % 10/9/2019 10/9/2023 40,100 18.20 % 24.00 % 3/10/2020 3/10/2024 94,420 15.00 % - 4/1/2021 3/31/2022 43,050 10.00 % - 4/1/2021 3/31/2022 100,000 12.00 % - 6/23/2021 6/22/2022 595,000 2,670,844 Convertible notes, related party 29,970 4 2 December 30, 2021 one-year period the notes will bear interest at an annual rate of eight percent Convertible notes, non related 1,811,643 in unsecured notes payable bearing average annual interest rates of 10 %. The notes are due between March – October 2022 unless sooner paid in full or converted in accordance with the terms of conversion; provided, however, that if a “Qualified IPO” does not occur on or before the maturity date, the maturity date shall be extended automatically for an additional one-year period the notes will bear interest at an annual rate of eight percent (10%) . The maturity date of these notes was extended to December 2021. Upon commencement by the Company of an underwritten initial public offering or the completed Share Exchange and Reorganization Agreement, of Borrower’s common stock, the Note principal, together with all accrued and unpaid interest, will be converted into Shares as of the date of such commencement. After the share exchange was completed, the Company negotiated with the lenders to convert the loans for securities of the Company determined by dividing the outstanding balance of the Note and accrued interest by $1.80, subject to adjustment. The Company evaluates these notes at commencement for beneficial conversion features and derivatives and concluded there were none. Auctus Loan 650,000 4,333,333 0.15 |