DEBT

3 Months Ended

Mar. 31, 2022

DEBT

Debt

NOTE 4 – DEBT

As-of March 31, 2022 the Company had no outstanding loans and there was no loan activity during the three-months ended March 31, 2022.

During the three-months ended March 31, 2021, we issued $157,150 in convertible notes to accredited investors with net proceeds of $134,640. The notes matured during February of 2022 and bore interest at rate of 8%. The notes were convertible into shares of the Company’s common stock at conversion prices ranging from 60% to 71% of the average of the two lowest traded prices or the lowest trade price of the Company’s common stock during the previous 15 trading days preceding the conversion date. The Company was amortizing the discount due to derivative liabilities and on-issuance discount totaling $157,150 to interest expense using the straight-line method over the original terms of the loans.

During the three-months ended March 31, 2021, the Company amortized $231,232 to interest expense. As of March 31, 2021, total discounts of $335,568 remained for which were planned to be expensed through February 2022.

During the three-months ended March 31, 2021, the Company issued an aggregate of 629,404 shares upon the conversion of 887,560 of outstanding principal, interest and fees on existing, outstanding notes and 20,111 shares upon the cashless exercise of 23,167 warrants.

During the three-months ended March 31, 2021, the Company did not extinguish any principal or interest.