CONVERTIBLE NOTES PAYABLE - RELATED PARTY

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

CONVERTIBLE NOTES PAYABLE - RELATED PARTY

NOTE 9. CONVERTIBLE NOTES PAYABLE - RELATED PARTY

The Company has issued a convertible note payable related party in the amount of $200,000.  The convertible note has a 7% annual interest rate and matured on October 15, 2021. Interest and principal are payable at maturity. The note can be converted at any time and either all or part of the amount due into equity at a price of $0.50 per share. If converted into common stock, the related party would own 1% of Company based upon the current number of shares outstanding. The related party holding the convertible note is Worlds Inc. Messrs. Kidrin, Toboroff and Christos are Directors of Worlds Inc. and Mr. Kidrin is the CEO and Mr. Ryan is the CFO of Worlds Inc. On October 15, 2021, the convertible note was extended to October 15, 2023.  All other terms remain the same.  As consideration for extending the maturity date 2 years, the Company is issuing one million warrants to purchase the Company’s stock at a purchase price $0.05 per share.

As of March 31, 2022, the Company incurred $35,039 in interest expense on the convertible note.