OTHER LOANS PAYABLE	12 Months Ended
Dec. 31, 2023
OTHER LOANS PAYABLE
OTHER LOANS PAYABLE	NOTE 10 – OTHER LOANS PAYABLE On June 15, 2020, The Company entered into a loan agreement with a third party whereby the Company received $85,000. The terms of the loan were for one year, with 0% interest. On January 15, 2021, the lender further advanced $83,328 on the same terms. In December 2021, a letter agreement and loan extension were signed by the lender in which it was confirmed that the new maturity date of the loan would be August 15, 2023. The maturity date was subsequently extended to August 15, 2024. the note is currently in default As of December 31, 2023, and December 31, 2022, the balance outstanding was $136,173 and $142,770, respectively. In July 2021, the Company secured a line of credit facility with First Citizens Bank in the amount of $100,000. The line of credit bears interest at a floating rate equal to 1.0% above the Wall Street Journal Prime Rate at any time and matures in July 2024. The line of credit is guaranteed by the CEO of the Company. As of December 31, 2023, $100,000 was owed on the line of credit. On or about April 1, 2023, the Company acquired three items of laboratory equipment from Norvoc Bioscience, Inc. with a total cost of $233,369. Payment for this equipment is being made with goods and services provided to the vendor. As of March 31, 2024, the outstanding balance remaining was $44,431. *FundCanna (Capital Holdings, LLC)* On October 23, 2023, the Company entered into a receivables funding agreement with FC Capital Holdings, LLC (aka “FundCanna”). This agreement is structured as a “purchase and sale of future receivables” agreement and not a loan. Amounts funded under this agreement will be secured by future receivables equal to 130% of the amount advanced. This represents a 23.08% discount on the amount of receivables. The Purchaser (FundCanna) will own 4.5% (the “Purchased Percentage”) of the seller’s future receivables. The Seller (the Company) will make weekly remittances based on the Monthly Average Sales x Purchased Percentage / Average Weeks in a Calendar Month. An initial processing fee of $2,000 was paid by the Company. Between October 27, and October 30, 2023, the purchaser advanced a total of $186,000 to the Company. Commencing on November 2, 2023, and continuing until December 28, 2023, the Company made sixteen payments to the purchaser totaling $48,360. As at December 31, 2023, the balance due to the purchaser, excluding the discount, is $154,752. Subsequent to December 31, 2023, the Company made additional repayments amounting to $27,303.

OTHER LOANS PAYABLE

12 Months Ended

Dec. 31, 2023

NOTE 10 – OTHER LOANS PAYABLE

On June 15, 2020, The Company entered into a loan agreement with a third party whereby the Company received $85,000. The terms of the loan were for one year, with 0% interest. On January 15, 2021, the lender further advanced $83,328 on the same terms. In December 2021, a letter agreement and loan extension were signed by the lender in which it was confirmed that the new maturity date of the loan would be August 15, 2023. The maturity date was subsequently extended to August 15, 2024. the note is currently in default As of December 31, 2023, and December 31, 2022, the balance outstanding was $136,173 and $142,770, respectively.

In July 2021, the Company secured a line of credit facility with First Citizens Bank in the amount of $100,000. The line of credit bears interest at a floating rate equal to 1.0% above the Wall Street Journal Prime Rate at any time and matures in July 2024. The line of credit is guaranteed by the CEO of the Company. As of December 31, 2023, $100,000 was owed on the line of credit.

On or about April 1, 2023, the Company acquired three items of laboratory equipment from Norvoc Bioscience, Inc. with a total cost of $233,369. Payment for this equipment is being made with goods and services provided to the vendor. As of March 31, 2024, the outstanding balance remaining was $44,431.

FundCanna (Capital Holdings, LLC)

On October 23, 2023, the Company entered into a receivables funding agreement with FC Capital Holdings, LLC (aka “FundCanna”). This agreement is structured as a “purchase and sale of future receivables” agreement and not a loan. Amounts funded under this agreement will be secured by future receivables equal to 130% of the amount advanced. This represents a 23.08% discount on the amount of receivables.

The Purchaser (FundCanna) will own 4.5% (the “Purchased Percentage”) of the seller’s future receivables. The Seller (the Company) will make weekly remittances based on the Monthly Average Sales x Purchased Percentage / Average Weeks in a Calendar Month. An initial processing fee of $2,000 was paid by the Company. Between October 27, and October 30, 2023, the purchaser advanced a total of $186,000 to the Company.

Commencing on November 2, 2023, and continuing until December 28, 2023, the Company made sixteen payments to the purchaser totaling $48,360. As at December 31, 2023, the balance due to the purchaser, excluding the discount, is $154,752. Subsequent to December 31, 2023, the Company made additional repayments amounting to $27,303.