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SETTLEMENT LIABILITY – RELATED PARTY
12 Months Ended
Dec. 31, 2022
Settlement Liability Related Party  
SETTLEMENT LIABILITY – RELATED PARTY

NOTE 7 – SETTLEMENT LIABILITY – RELATED PARTY

 

On September 17, 2020, the Company entered into a settlement agreement with Green Horseshoe, LLC., Inc. on its past due notes payable with a principal balance of $285,206 and accrued interest of $296,670 representing a total amount of the settlement of $581,876. The settlement amount is non-interest bearing.

 

The agreement calls for the Company’s transfer agent to issue free-trading common shares to Green Horseshoe, LLC. at a conversion rate of 50% of the average closing price of the Company’s shares for the 10 prior trading days prior to any issuance notice issued by Green Horseshoe, LLC. The Company shall issue its unrestricted common stock in one or more tranches of less than 10% of the Company’s then issued and outstanding shares until the agreed upon settlement is satisfied.

 

For the years ended December 31, 2022 and 2021, the Company issued 46,145,527 and 24,000,000 shares of its common stock, respectively, in payment of $158,528 and $120,000 towards the settlement with no gain or loss recorded (Note 11). As of December 31, 2022 and 2021, the balances of the settlement liability were $248,348 and $406,876, respectively.