6. NOTES PAYABLE

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

6. NOTES PAYABLE

6.       NOTES PAYABLE

Secured debt offering

During the period from May 22, 2013 and December 31, 2018, the Company entered into a 9% notes payable to nineteen investors and received proceeds of $552,000. The notes were due two years from the anniversary date of execution. The Notes are secured by the US Patent rights granted for the Company's Sunscreen Products: US patent number #8,128,913: "Sunscreen Composition with Enhanced UV-A Absorber Stability and Methods.”

During the three months ended June 30, 2021, the Company entered to settlement agreements to settle various notes. As part of the settlement the principal balance of the note was settled for cash and all interest due through the date of settlement was forgiven. As of June 30, 2021, the Company has recorded a gain on settlement of the debt of $38,375 associated with the settlement of $65,900 of principal. As of June 30, 2021, $486,100 of the outstanding notes payable are past due and in default and have been classified as current notes payable.