NOTE 8 – PROMISSORY NOTE AND LOAN PAYABLE

3 Months Ended

Mar. 31, 2022

Note 8 Promissory Note And Loan Payable

NOTE 8 – PROMISSORY NOTE AND LOAN PAYABLE

NOTE 8 – PROMISSORY NOTE AND LOAN PAYABLE

On February 4, 2022 the Company issued a promissory note for the principal sum of $20,000 to White Lion Capital, LLC, a Nevada company. The note has an original issue discount of 25%. The principal is to be repaid in full by May 1, 2022. The net proceeds received by the Company totaled $15,000.

The Company has purchased a vehicle under a capital finance arrangement. The term of this loan is 5 years and annual interest rate is 6.90%. At March 31, 2022 and December 31, 2021, loan payable obligations included in current liabilities were $13,015 and $13,400, respectively, and loan payable obligations included in long-term liabilities were $19,245 and $22,518, respectively. During the three months ended March 31, 2022 and 2021, the Company made $3,322 and $2,558, respectively, in loan payments.

At March 31, 2022, future minimum payments under the vehicle loan, are as follows: 

	Total
2022 (nine months remaining in 2022)	$	9,964
2023		13,286
2024		12,668
Thereafter		—
		35,918
Less: Imputed interest		(3,658	)
Loan payable		32,260
Loan payable – current		13,015
Loan payable - non-current	$	19,245