Put Premium on Stock Settled Debt

6 Months Ended

Jun. 30, 2022

Put Premium on Stock Settled Debt [Abstract]

PUT PREMIUM ON STOCK SETTLED DEBT

NOTE 7 – PUT PREMIUM ON STOCK SETTLED DEBT

At the end of the quarter ended June 30, 2022, the Company decided to adopt ASC 480- ” Distinguishing Liabilities from Equity.” When the enter into convertible notes, some of which contain, predominantly, fixed rate conversion features, whereby the outstanding principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount. The Company records the convertible note liability at its fixed monetary amount by measuring and recording a premium, as applicable, on the note date with a charge to interest expense.

In previous quarters, the Company had recorded such items as derivative liabilities. Thusly, there was a charge to put premium on stock settled debt and a decrease to derivative liability. On a going-forward basis, all put premiums will be charged to interest expense.

The reconciliation of put premium on stock settled debt is as follows

Balance at December 31, 2021	$	-
Add: put premium acquired in Merger		230,743
Add: Gain on new methodology for accounting for debt conversion features		84,681
Add: put premium on new debt issuances		10,714
Less: put premium on convertible debt extinguished		(166,457	)
Balance at June 30, 2022	$	159,681

Creditor	Date Issued		Maturity Date		30-Jun-22		Discount Percentage			Put premium on stock settled debt
Travel Data Solutions, Inc.		18-Nov-17		30-Nov-19	$	100,000		-		$	-
Travel Data Solutions, Inc.		18-Jan-19		31-Jan-20	$	25,000		-			-
Third party		7-Jul-20		7-Jul-21		84,681		50	%		84,681
Trillium Partners, LP		25-May-21		25-May-22		22,000		0	%		-
Trillium Partners, LP		06-Jul-21		06-Jul-22		22,000		0	%		-
Frondeur Partners LLC		01-Dec-21		30-Sep-22		25,000		30	%		10,714
Frondeur Partners LLC		01-Jan-22		31-Oct-22		25,000		30	%		10,714
Frondeur Partners LLC		01-Feb-22		30-Nov-22		25,000		30	%		10,714
Frondeur Partners LLC		01-Mar-22		31-Dec-22		25,000		30	%		10,714
Frondeur Partners LLC		01-Apr-22		31-Jan-23		25,000		30	%		10,714
Frondeur Partners LLC		01-May-22		28-Feb-23		25,000		30	%		10,714
Frondeur Partners LLC		01-Jun-22		31-Mar-23		25,000		30	%		10,716
Trillium Partners, LP		15-Jun-22		15-Jun-23		150,625		0	%		-
Put premium on stock settled debt					$	588,156				$	159,681