NOTE 7 – LOAN PAYABLE

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

NOTE 7 – LOAN PAYABLE

NOTE 7 – 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 had 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.

In November 2019, the Company purchased a vehicle under a capital finance arrangement. The term of this loan is 5 years, and the annual interest rate is 6.90%. At March 31, 2023 and December 31, 2022, loan payable obligations included in current liabilities were $12,225 and $11,987, respectively, and loan payable obligations included in long-term liabilities were $8,205 and $10,465, respectively.

During the three months ended March 31, 2023 and 2022, the Company made $2,430 and $3,322, respectively, in loan payments.

At March 31, 2023 future minimum payments under the loan are as follows: 

	Total
2023 (nine months remaining in 2023)	$	7,403
2024		9,870
		17,273
Less: Imputed interest		3,157
Loan payable		20,430
Loan payable – current		12,225
Loan payable - non-current	$	8,205