CONVERTIBLE NOTE PAYABLE – RELATED PARTY

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, $42,924 has been used for expenses, plus $4,292 OID. The derivative liability has been calculated on the total funds advanced plus OID. As of March 31, 2023, the Note is disclosed as $16,381, net of debt discount of $$30,835. As of December 31, 2022, the Note is disclosed as $7,862, net of debt discount of $$23,586. As of March 31, 2023, there is $1,711 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
Increase to derivative due to new issuances		19,360
Increase to derivative due to repayments		—
Derivative gain due to mark to market adjustment		69,378
Balance at March 31, 2023	$	3,949

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 March 31, 2023 is as follows:

Inputs	March 31, 2023			Initial Valuation
Stock price	$	0.0001		$	0.0022 - 0.0039
Conversion price	$	0.0084		$	0.0012 - 0.002
Volatility (annual)		418.07	%		186.77% - 500.68	%
Risk-free rate		4.94	%		4.19% - 4.96	%
Dividend rate		–			–
Years to maturity		0.52			1