LOANS PAYABLE RELATED PARTIES

9 Months Ended

Sep. 30, 2022

LOANS PAYABLE RELATED PARTIES

LOANS PAYABLE - RELATED PARTIES

11. LOANS PAYABLE – RELATED PARTIES

Nine Months Ended September 30, 2022

During the nine months ended September 30, 2022, the Company obtained no loans from related parties.

Nine Months Ended September 30, 2021

During the nine months ended September 30, 2021, the Company obtained an advance from one of its officers and directors, Eric Newlan, as follows:

In June 2021, Mr. Newlan advanced the sum of $93,732.70 to the Company. The funds were used to repay the EMA Financial Note (the total repayment amount was $93,697.70: $61,119.80 in principal; $3,499.30 in interest; and $29,078.60 as a prepayment premium). Such funds were obtained as a loan on open account, accrue no interest and are due on demand. At September 30, 2021, such loan had been in full.

At September 30, 2021, the Company owed Atonia LLC $4,470 in principal and EF2T, Inc. $773.