CONVERTIBLE NOTE PAYABLE – RELATED PARTY

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

CONVERTIBLE NOTE PAYABLE – RELATED PARTY

NOTE 5 – CONVERTIBLE NOTE PAYABLE – RELATED PARTY

On October 5, 2022, the Company issued a $50,000, 10% convertible promissory note to Selkirk Global Holdings, LLC, (the “Note”). The Note matures October 5, 2023, has a 10% OID and is convertible into the Company’s common stock at a price equal to 55% of the average closing price of the Company’s common stock during the 20 consecutive trading days prior to the date on which the holder elects to convert all or part of the Note. The Note is being funded through the direct payment of Company expenses. As of December 31, 2022, $28,589 has been used for expenses, plus $2,859 OID. The derivative liability has been calculated on the total funds advanced plus OID. As of December 31, 2022, the Note is disclosed net of debt discount of $23,586 and there is $741 of accrued interest on the loan.

A summary of the activity of the derivative liability for the notes above is as follows:

Balance at December 31, 2021	$	–
Increase to derivative due to new issuances		61,582
Decrease to derivative due to repayments		–
Derivative gain due to mark to market adjustment		(7,615	)
Balance at December 31, 2022	$	53,967

A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022 is as follows:

Inputs	December 31, 2022			Initial Valuation
Stock price	$	0.0019		$	0.0039
Conversion price	$	0.001		$	0.002
Volatility (annual)		285.34	%		500.68	%
Risk-free rate		4.75	%		4.19	%
Dividend rate		–			–
Years to maturity		0.76			1