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6. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2021
Notes  
6. SUBSEQUENT EVENTS

6.SUBSEQUENT EVENTS 

 

Management has evaluated subsequent events through the date of filing the financial statements with OTC Markets, the date the consolidated financial statements were available to be issued. Management is not aware of any significant events that occurred subsequent to the balance sheet date that would have a material effect on the consolidated financial statements thereby requiring adjustment or disclosure except as follows:

 

On July 7, 2021, the Company entered into a Securities Purchase Agreement with Leonite Fund 1 LLC.(“Leonite”), whereby Leonite would advance to the Company a total of $500,000.  The Company will issue a convertible note for a total consideration of $568,181.82 with a discount of $68,181.82 given back to Leonite.  The convertible note bears interest at the greater of bank prime plus 6% or 12% per annum.

 

As part of the consideration for the advancing of funds, the Company will issue to Leonite, 50,000 shares of restricted common stock and the issuance of stock warrants for a total of 200,000 shares of restricted common shares at $1.00 per share.  These warrants expire on July 7, 2026.

 

To date the Company has received $250,000 from Leonite which is due July 2022.