Loans Payable Stockholders

9 Months Ended

Sep. 30, 2022

Loans Payable Stockholders

Loans Payable Stockholders

Note 6 – Loans Payable Stockholders

Loans payable stockholders consists of the following:

	September 30, 2022		December 31, 2021
Convertible Promissory Notes Payable – unsecured amounts due to a shareholder that bear interest at 5% and mature on September 30, 2022, and are convertible at $0.10 per common share. These amounts include accrued and unpaid interest.		—		15,500
	$	—	$	15,500

Interest expense recognized on this loan was $587 to a former controlling stockholder of the Company for the nine months ended September 30, 2022, and $0 for the nine months ended September 30, 2021. The loan was repaid during the current period.

During the year ended December 31, 2021, the Company extinguished $50,000 in loans payable to stockholders and corresponding accrued interest of $38,945.

On July 23, 2021, loans payable to stockholders of $480,960, and $74,762, respectively, loans payable to a related party of $130,947, accrued interest of $361,283 on loans payable to stockholders, and accrued interest of $89,124 on loans payable to a related party were settled by the issuance of 21,127,123 common shares pursuant to three debt settlement agreements dated April 1, 2021, and five debt settlement agreements dated June 30, 2021.

On July 23, 2021, accounts payable and accrued liabilities of $360,968 were settled by the issuance of 8,410,725 common shares pursuant to seven debt settlement agreements dated June 30, 2021.