Related Party Transactions	6 Months Ended
Jun. 30, 2022
Related Party Transactions
Related Party Transactions	Note 4 – Related Party Transactions Accounts payable – related party consists of $105,000 accrued to our CEO and Director, Dr. Jon Leonard for unpaid salary, $700,000 owed in accrued license fees to Arknet, 37,398 of interest and $13,783 owed to various members of the Nugent family. Loans from Related Parties consists of $97,713 owed to Michael Nugent and $5,000 owed to David LaMountain, a Director. Convertible Notes Payable, Related Party, Net consists of $70,392 that are owed to officers and directors of the company. Long-term Convertible Notes Payable, Related Party consists of $40,000 due to Arknet with unamortized discounts of $13,254. According to our agreement with Mr. Nugent, we accrue interest on all unpaid amounts at 5%. Principal and interest are callable at any time. If principal and interest are called and not repaid, the loan is considered in default after which interest is accrued at 10%. Convertible note payable, related party On May 5, 2013 (and on August 8, 2013 with an enlargement amendment) the Company entered into a no interest demand-loan agreement with our current Chairman, Jon N. Leonard under which the Company may borrow such money from Dr. Leonard as Dr. Leonard in his sole discretion is willing to loan. The terms of the note provide that at the Company’s option, the Company may make repayments in stock, at a fixed share price of $1.00 per share. Also, because this loan is a no-interest loan, an imputed interest expense of $8 was recorded as additional paid-in capital for the six months ended June 30, 2022. The Company evaluated Dr. Leonard’s note for the existence of a beneficial conversion feature and determined that none existed. At June 30, 2022, the balanced owed Dr. Leonard is $419.

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Note 4 – Related Party Transactions

Accounts payable – related party consists of $105,000 accrued to our CEO and Director, Dr. Jon Leonard for unpaid salary, $700,000 owed in accrued license fees to Arknet, 37,398 of interest and $13,783 owed to various members of the Nugent family.

Loans from Related Parties consists of $97,713 owed to Michael Nugent and $5,000 owed to David LaMountain, a Director.

Convertible Notes Payable, Related Party, Net consists of $70,392 that are owed to officers and directors of the company.

Long-term Convertible Notes Payable, Related Party consists of $40,000 due to Arknet with unamortized discounts of $13,254.

According to our agreement with Mr. Nugent, we accrue interest on all unpaid amounts at 5%. Principal and interest are callable at any time. If principal and interest are called and not repaid, the loan is considered in default after which interest is accrued at 10%.

Convertible note payable, related party

On May 5, 2013 (and on August 8, 2013 with an enlargement amendment) the Company entered into a no interest demand-loan agreement with our current Chairman, Jon N. Leonard under which the Company may borrow such money from Dr. Leonard as Dr. Leonard in his sole discretion is willing to loan.

The terms of the note provide that at the Company’s option, the Company may make repayments in stock, at a fixed share price of $1.00 per share. Also, because this loan is a no-interest loan, an imputed interest expense of $8 was recorded as additional paid-in capital for the six months ended June 30, 2022. The Company evaluated Dr. Leonard’s note for the existence of a beneficial conversion feature and determined that none existed.

At June 30, 2022, the balanced owed Dr. Leonard is $419.