CONVERTIBLE NOTE PAYABLE – RELATED PARTY

6 Months Ended

Jun. 30, 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 June 30, 2023, $46,984 has been used for expenses, plus $4,698 OID. The derivative liability has been calculated on the total funds advanced plus OID. As of June 30, 2023, the Note is disclosed as $32,084, net of debt discount of $19,598. As of December 31, 2022, the Note is disclosed as $7,862, net of debt discount of $$23,586.

On April 6, 2023, the Company issued a $50,000, 10% convertible promissory note to Selkirk Global Holdings, LLC, (the “Note”). The Note matures April 5, 2024, 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 June 30, 2023, $6,410 has been used for expenses, plus $641 OID. The derivative liability has been calculated on the total funds advanced plus OID. As of June 30, 2023, the Note is disclosed as $483 net of debt discount of $6,568.

As of June 30, 2023, there is $3,177 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		32,464
Increase to derivative due to repayments		—
Derivative loss due to mark to market adjustment		12,551
Balance at June 30, 2023	$	98,982

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 June 30, 2023 is as follows:

Inputs	June 30, 2023			Initial  Valuation
Stock price	$	0.0009		$	0.0022 - 0.0039
Conversion price	$	0.0054		$	0.0012 - 0.002
Volatility (annual)		487.3% - 781.5	%		186.77% - 500.68	%
Risk-free rate		5.4	%		4.19% - 4.96	%
Dividend rate		–			–
Years to maturity		0.27 - 0.77			1