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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS

 

Employment Agreements

 

On February 5, 2023, the Company entered into a new Employment Agreement with Stewart Wallach, whereby Mr. Wallach will be paid $301,521 per annum. The initial term of this new agreement began February 5, 2023 and ends February 5, 2025. The parties may extend the employment period of this agreement by mutual consent with approval of the Company’s Board of Directors, but the extension may not exceed two years in length. Effective January 1, 2023, Mr. Wallach’s salary was deferred until further notice.

  

Related Party Notes Payable

 

Subsequent to December 31, 2022, and through the date of this filing, the Company has received $183,500 in working capital note payable proceeds from Director, Stewart Wallach. Principal accrues simple interest at a rate of 5 percent per annum, maturing June 26, 2023 with the ability for the Company to request a 90-day extension. The loan may be prepaid in full or partially without any penalty.

 

On January 3, 2023, the Company negotiated a $40,000 Working Capital Funding agreement with Director S. Wallach (through Group Nexus, a company controlled by Mr. Wallach), to provide funding for daily operations (the “Working Capital Loan Agreement”). The term was originally 60 days but allowed for the maturity date to be extended 90 days by the Company with written notice to Mr. Wallach. Therefore, the $40,000 working capital advance plus accrued interest matures June 2023. Principal accrues simple interest at a rate of 5 percent per annum. The loan may be prepaid in full or partially without any penalty.

 

Extension of Purchase Order Funding Agreement

 

On February 13, 2023, the $1,020,000 Purchase Order Funding Agreement note payable was amended, extending the maturity date from April 13, 2023 to April 13, 2024. All other terms remain unchanged (see Note 3).