CONVERTIBLE NOTES PAYABLE

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

4. CONVERTIBLE NOTES PAYABLE

During the years 2014 to 2017, the Company issued a series of Bridge Notes (the “Bridge Notes”) in the aggregate principal amount of $1,489,694. The Bridge Notes matured on various dates through 2018. The Bridge Notes are in default and bear interest rates ranging from 12% to 18%. As of June 30, 2022, the Bridge Notes are due and payable.

At June 30, 2022 and December 31, 2021, the Company’s Convertible Notes Payable are as follows:

	June 30, 2022		December 31, 2021
Notes Payable	$	1,387,694	$	1,387,694
Accrued Interest	$	1,167,808	$	1,067,644
Notes Payable, related party	$	102,000	$	102,000
Accrued Interest, related Party	$	87,089	$	79,490
Total Notes Payable	$	2,744,591	$	2,636,828

Notes Payable, Related Party.

As of June 30, 2022 and December 31, 2021, the Company owed Mr. Abrams, a director of the Company, an aggregate total of $189,089 and $181,490, respectively, for outstanding principal and accrued and unpaid interest on certain Bridge Notes. The Bridge Notes held by Mr. Abrams are in default and bear interest rates ranging from 12% to 18%. As of June 30, 2022, the Bridge Notes are due and payable.