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Notes Payable (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Related Terms

Notes payable and related terms were as follows:

  

    1    2    3 
Terms   Note Payable     Note Payable     Note Payable  
                
Issuance date of note   September 2019    March 2019    May 2022 
Maturity date   September 2022    March 2024    September 2022 
Interest rate   7.70%   N/A    N/A 
Default interest rate   18.00%   N/A    N/A 
Collateral   Unsecured    Unsecured    Unsecured 
Original amount  $525,000   $300,000   $67,500 

 

   1     2    3   Total   In-Default 
               Total   In-Default 
                     
Balance - December 31, 2020  $525,000   $195,000   $-   $720,000   $- 
Repayments   -    (60,000)   -    (60,000)     
Balance - December 31, 2021   525,000    135,000    -    660,000    - 
Proceeds   -    -    67,500    67,500      
Debt discount   -    -    (37,500)   (37,500)     
Amortization of debt discount (interest expense)   -    -    37,500    37,500      
Repayments   -    (55,000)   -   (55,000)     
Balance - December 31, 2022  $525,000   $80,000   $67,500   $672,500   $592,500 

 

1The Company executed a settlement agreement with a third party for $525,000 in 2019. This note requires semi-annual interest payments. At December 31, 2022, the note is in default.

 

2The Company executed a settlement agreement with a third party for $300,000 in 2019. This note requires sixty (60) monthly installments of $5,000 each until paid in full.

 

3The Company executed a note for $67,500 and received net proceeds of $30,000. The balance of $37,500 was an original issue discount amortized over the life of the note. At December 31, 2022, the note is in default.