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NOTES PAYABLE
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 6. NOTES PAYABLE

 

On January 3, 2020, specific terms were reached between the Company and Pure Energy 714 LLC on the remaining $150,046 of prior advances made to the Company pursuant to an unsecured demand note entered into between the Company and Pure Energy 714 LLC. The terms call for repayment of the advances including interest on any unconverted principal amount at a rate of 12% per annum and a repayment date on or before June 3, 2021, at the rate of 12% per annum. If the demand note is unpaid by June 3, 2021, default interest of 3% monthly will apply. An additional $10,000 was received on March 16, 2021, but subsequently returned in April 20,2021. As of March 31, 2022 and December 31, 2021, outstanding balances including accrued interest were $200,584 and $194,957, respectively.

 

During 2021 and 2022, the Company received proceeds from various loans from Adriatic Advisors LLC. At March 31, 2022 and December 31, 2021, the Company had $153,550 and $57,500 due to Adriatic Advisors LLC, respectively. These loans bear interest at 18% per annum, and are due at various times during 2022.