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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

 

Management has reviewed material events subsequent of the period ended December 31, 2021 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events.”

  

On February 15, 2022, the Company paid its legal counsel, Spears & Imes, a $1,000,000 retainer.

 

The Company’s President and Chief Executive Officer and Director, Dr. Kaiyo Nedd and its Chief Financial Officer, Mr. Justin Frere resigned all their respective positions in the Company effective March 24, 2022.

 

On March 18, 2022, the Company issued an Unsecured Convertible Promissory Note (the “Note”) to KCC. Pursuant to the terms of the Note, KCC agreed to loan the Company $800,000 at an annual interest rate of 1% per year, compounded daily. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note, and any balance thereunder, automatically converts into securities of the Company upon receipt of an equity financing from third-party(s) of not less than ten million dollars ($10,000,000) at a conversion price equal to 80% of the price paid in such a financing. Also, after June 23, 2023, KCC may convert all or any portion of the balance into shares of common stock at a conversion price of $0.45 per share, representing a fifty 50% percent premium to the closing price of the Company’s common stock on March 17, 2022.