Accrued liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued liabilities

Note 4 – Accrued liabilities

Accrued liabilities consist of the following at March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Accrued rent	$	614,918	$	614,918
Accrued Nicaragua Concession fees		544,485		544,485
Total accrued liabilities	$	1,159,403	$	1,159,403

The accrued rent balances relate to unpaid rent for the Company’s previous headquarters in Denver Colorado and represents unpaid rents and related costs for the period June 2006 through November 2008. The Company has not had any correspondence with the landlord for several years and will seek to settle and/or negotiate the matter when it has the financial resources to do so.

The accrued Nicaraguan Concession fees were accrued during the time the Concessions had lapsed and the Company was attempting to negotiate extensions to the underlying concessions with the Nicaraguan government which were unsuccessful. The Company abandoned all efforts to negotiate an extension to the Concessions effective January 1, 2020 and ceased the accrual of all related fees at that time.

On March 31, 2021, the Company and six creditors entered into Debt Settlement Agreements which extinguished accounts payable and accrued liabilities totaling $2,866,497 in exchange for the issuance of $28,665 in principal balance of 3% Convertible Promissory Notes with detachable warrants to purchase 5,732,994 shares of Common Stock for $0.50 per share. (See Note 3, 7 and 13)