Notes Payable | Note 7 Notes Payable The following are the various notes payable of the Company: PPP Loan - 294,066 145,411 151,502.67 294,825 146,959 150,033 Nonconvertible notes, related party - 1,244,655 1,244,655 0 Schedule of Nonconvertible Notes Related Party Interest Rate Issuance Date Maturity December 31, 4.00 % 12/31/2018 12/31/2022 55,250 4.00 % 12/31/2018 12/31/2022 66,900 4.00 % 12/31/2018 12/31/2022 74,220 4.00 % 9/30/2019 9/29/2023 314,000 4.00 % 9/17/2019 9/16/2023 81,500 4.00 % 9/30/2019 9/29/2023 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 12/31/2022 53,100 4.00 % 12/31/2020 12/31/2022 13,468 1,244,655 Nonconvertible notes, non-related- 2,565,527 2,374,219 191,308 Schedule of Nonconvertible Notes Non Related Interest Rate Default Rate Issuance Date Maturity December 31, 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 322,219 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 68,000 18.20 % 25.00 % 9/18/2019 9/18/2023 23,347 18.20 % 25.00 % 10/9/2019 10/9/2023 37,037 18.20 % 24.00 % 3/10/2020 3/10/2024 90,654 15.00 % - 4/1/2021 3/31/2022 40,270 10.00 % - 4/1/2021 3/31/2022 100,000 12.00 % - 6/23/2021 6/22/2022 595,000 2,565,527 Convertible notes, related party 29,970 in unsecured notes payable to investors of the Company, bearing an annual interest rate of 4 % and a default interest rate of an additional 2 %. The notes are due December 30, 2023 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 and, during such period, the notes will bear interest at an annual rate of eight percent . Convertible notes, non related 1,349,443 10 one the notes will bear interest at an annual rate of ten percent (10%) Upon commencement by the Company of an underwritten initial public offering or the completed Exchange 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. Currently, the Company is in discussions with all Note holders to convert principal and interest into common shares of the Company. We expect a significant amount of the Notes to be converted in the next 60 days. 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 | Note 7 Notes Payable The following are the various notes payable of the Company: PPP Loan - 294,066 1.0% 144,065.87 Promissory Notes were due May 2022 and June 2025 and the balance of $ 444,825 Nonconvertible notes, related party - 1,334,007 824,035 509,972 Schedule of Nonconvertible Notes Related Party Interest Rate Issuance Date Maturity 3/31/2021 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 99,970 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 2,850 1,334,007 Nonconvertible notes, non related- 1,919,620 1,745,000 174,620 Schedule of Nonconvertible Notes Non Related Interest Rate Default Rate Issuance Date Maturity 3/31/2021 14.00 % 8/1/18 1/31/20 500,000 14.00 % Additional 2 % 10/30/19 10/29/20 229,500 14.00 % N/A 2/5/2020 2/5/2021 51,000 20.00 % Additional 2 % 2/28/2020 8/27/2020 204,000 20.00 % Additional 2 % 2/25/2020 8/24/2020 208,000 20.00 % Additional 2 % 2/28/2020 8/27/2020 102,000 20.00 % Additional 2 % 4/14/2020 10/13/2020 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 20.00 % Additional 2 % 8/21/2020 8/20/2021 10,000 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 2/5/2021 140,000 14.20 % 25.00 % 9/18/2019 9/18/2023 26,560 14.20 % 25.00 % 10/9/2019 10/9/2023 49,840 14.20 % 25.00 % 3/10/2020 3/10/2024 98,220 1,919,620 Convertible notes, related party 29,970 4 2 December 30, 2021 Maturity Date one the notes will bear interest at an annual rate of eight percent (8%). Convertible notes, non related 1,147,610 4% December 2020 Maturity Date one the notes will bear interest at an annual rate of eight percent (8%). December 2021 Upon commencement by the Company of an underwritten initial public offering (a “ Qualified IPO Common Stock Conversion Date Conversion Price SEC The notes payable outstanding balance is as follows: Schedule of Notes Payable Outstanding Balance March 31, 2021 March 31, 2020 PPP Loan 558,891 - Nonconvertible notes, related party 834,653 12,000 Nonconvertible notes, non related 1,745,000 Convertible notes, related party 29,970 6,546 Convertible notes, non related 1,107,143 Less: Non-current portion of PPP Loan (588,891 ) - No-current portion of nonconvertible notes-related party (509,972 ) - Non-current portion of nonconvertible notes, non related (174,620 ) - Current notes payable 3,002,174 18,546 |