Promissory notes, secured

12 Months Ended

Dec. 31, 2022

Debt Instruments [Abstract]

Promissory notes, secured [Text Block]

6. Promissory notes, secured

In November and December 2022, the Company issued two notes for $25,000 each to two related parties. The notes bear interest at 18%, are secured by all the tangible and intangible assets of the Company, and are due on May 28, 2023. As of December 31, 2022, outstanding balance of promissory notes amounted to $50,000.

At December 31, 2021, the Company had two secured notes payable aggregating $38,000, including $8,000 due to Mark Ollila, president of the Company. The notes were issued in 2020, accrue interest at 18% per year, and were secured by all the assets of Evasyst. On March 6, 2022, Evasyst paid off one note payable with a principal balance of $30,000 plus accrued interest of $3,124. On March 29, 2022, the note payable due to Mark Ollila with a principal balance of $8,000, and accrued interest of $1,450, or a total of $9,450, were exchanged into 1,542 shares of the Company's common stock prior to the Merger.