NOTE 8 – LOAN PAYABLE

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

NOTE 8 – LOAN PAYABLE

NOTE 8 – 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 of $20,000 was repaid in full on April 26, 2022. The net proceeds received by the Company totaled $15,000, and the $5,000 debt discount was amortized to interest expense during the period the loan was outstanding.

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 June 30, 2022 and December 31, 2021, loan payable obligations included in current liabilities were $12,061 and $13,400, respectively, and loan payable obligations included in long-term liabilities were $15,398 and $22,518, respectively. During the six months ended June 30, 2022 and 2021, the Company made $6,434 and $5,338 respectively, in loan payments, of which $1,332 and $1,549 were interest.

At June 30, 2022, future minimum payments under the loan, are as follows: 

	Total
2022 (six months remaining in 2022)	$	6,434
2023		12,867
2024		11,816
Thereafter		—
		31,117
Less: Imputed interest		(3,658	)
Loan payable		27,459
Loan payable – current		12,061
Loan payable - non-current	$	15,398