NOTE 8 – LOAN PAYABLE

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021, loan payable obligations included in current liabilities were $11,066 and $13,400, respectively, and loan payable obligations included in long-term liabilities were $11,895 and $22,518, respectively. During the nine months ended September 30, 2022 and 2021, the Company made $7,595 and $8,097 respectively, in loan payments.

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

	Total
2022 (three months remaining in 2022)	$	3,136
2023		12,542
2024		11,497
Thereafter		—
		27,175
Less: Imputed interest		(4,214	)
Loan payable		22,961
Loan payable – current		11,066
Loan payable - non-current	$	11,895