CONVERTIBLE NOTES PAYABLE

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

5. CONVERTIBLE NOTES PAYABLE

In July 2014, the Company issued Bridge Notes in aggregate principal amount of $768,694 to outside investors and $102,000 to Mr. Michael Abrams, a director of the Company. The notes matured on June 30, 2015 and are currently in default.

During 2014 and 2015, the Company issued Bridge Notes in aggregate principal amount of $371,500. The notes matured on December 31, 2015 and are currently in default.

In March 2016, the Company issued a promissory note in aggregate principal amount of $283,000. The note matured on December 31, 2018 and is currently in default.

In July and August 2017, the Company issued Bridge Notes in the aggregate principal amount of $86,000. The notes matured on September 30, 2017 and are currently in default.

During the year ended December 31, 2018, the Company paid three noteholders an aggregate of $60,750 to settle $121,500 of note principal plus $47,635 of accrued interest.

The schedule below shows issuance activity by year of issuance. There have been no issuances of Bridge Notes since 2017:

	2014			2014-15			2016			2017			Total
Principal	$	768,694		$	371,500		$	283,000		$	86,000		$	1,509,194
Repurchased	$	-		$	(121,500	)	$	-		$	-		$	(121,500	)
Related Party	$	102,000		$	-		$	-		$	-		$	102,000
	$	870,694		$	250,000		$	283,000		$	86,000		$	1,489,694
Maturity Date		6/30/2015			12/31/2015			12/31/2018			9/30/2017
Stated Interest		8	%		10	%		10	%		10	%
Default Interest		12	%		18	%		18	%		18	%

At December 31, 2021 and 2020, the Company’s Convertible Notes Payable are as follows:

	December 31, 2021		December 31, 2020
Notes Payable	$	1,387,694	$	1,387,694
Accrued Interest		1,067,644		866,226
Notes Payable, related party		102,000		102,000
Accrued Interest, related party		79,490		251
Total notes payable	$	2,636,828	$	2,420,171

Notes Payable, Related Party.

As of December 31, 2021 and 2020, the Company owed Mr. Abrams, a director of the Company, an aggregate total of $181,490 and $166,251, respectively, for outstanding principal and accrued and unpaid interest on certain Bridge Notes.