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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

nOTE 19: SUBSEQUENT EVENTS

 

On April 19, 2023 the Company agreed to settle its outstanding debt owed under the Celtic Note. The settlement agreement reduced the liability owed by the Company to two payments of $20,000. The first payment was due by April 28, 2023 and has been paid by the company. The second payment is due by May 31, 2023.

 

On April 28, 2023 the Company agreed to settle its outstanding debt owed under the Forward Finance future sales receipt agreement. The settlement agreement reduced the liability owed by the Company to two payments of $10,950. The first payment was due by May 5, 2023 and has been paid by the company. The second payment is due by May 31, 2023.

 

On April 1, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Keystone Capital Partners. (“Keystone”) in the amount of $132,000 (including a $22,000 Original Issue Discount). The note has a maturity date of March 31, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average prices of the five trading days ending on the day immediately prior to the conversion date.

 

On April 18, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Keystone Capital Partners. (“Keystone”) in the amount of $60,000 (including a $10,000 Original Issue Discount). The note has a maturity date of April 17, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average prices of the five trading days ending on the day immediately prior to the conversion date.

 

On April 26, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Keystone Capital Partners. (“Keystone”) in the amount of $108,000 (including a $18,000 Original Issue Discount). The note has a maturity date of April 30, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average prices of the five trading days ending on the day immediately prior to the conversion date.

 

On April 1, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Cavalry Fund I LP. (“Cavalry”) in the amount of $120,000 (including a $20,000 Original Issue Discount). The note has a maturity date of March 31, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average prices of the five trading days ending on the day immediately prior to the conversion date.

 

On April 26, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Cavalry Fund I LP. (“Cavalry”) in the amount of $90,000 (including a $18,000 Original Issue Discount). The note has a maturity date of April 30, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average prices of the five trading days ending on the day immediately prior to the conversion date.

 

On April 5, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Evergreen Capital Management LLC. in the amount of $54,000 (including a $9,000 Original Issue Discount). The note has a maturity date of March 31, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average price of the five trading days ending on the day immediately prior to the conversion date.

 

On April 26, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Evergreen Capital Management LLC. in the amount of $108,000 (including a $18,000 Original Issue Discount). The note has a maturity date of April 30, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average price of the five trading days ending on the day immediately prior to the conversion date.

 

On April 17, 2023, the Company entered into a 20% OID Senior Secured Promissory Note with Seven Knots LLC. in the amount of $60,000 (including a $10,000 Original Issue Discount). The note has a maturity date of April 16, 2024. It accrues interest at a rate of 10% per year. The note also has a conversion feature, enabling it to convert into shares of the Company’s Common Stock upon default. The conversion price is equal to the lower of (1) $0.015 per share or (2) 90% of the average of the two lowest volume-weighted average price of the five trading days ending on the day immediately prior to the conversion date.