Convertible Note

6 Months Ended

Jun. 30, 2023

Convertible Note

Convertible Note

Note 7 – Convertible Note

On September 30, 2022, the Company entered into a convertible note agreement for the amount of $54,000, with term of six (6) months from the date of receipt of the funds, at interest rate of 2% per annum, currently the note is in default. At the sole option of the Lender, all or part of unpaid principal then outstanding may be converted into shares of common stock at any time starting from 24 hours after payment at a fixed conversion price of $0.18 per share.  As of June 30, 2023, following is the summary of funds received from the lender:

	Principal			Interest
Payment date	Amount		Maturity date	Rate			Balance
August 11, 2022	$	18,000	February 11, 2023		2	%		18,000
September 2, 2022	$	17,000	March 2, 2023		2	%		17,000
April 1, 2023	$	19,000	Due on demand		2	%		19,000
Total Convertible notes							$	54,000
Current portion								(54,000	)
Long -term portion							$	-

On June 9, 2022, the lender paid $19,000 to the Company and it was recorded as an advance from a related party. On April 1, 2023, an amount owing to related party was reclassed to convertible note for $19,000.

During the six months ended June 30, 2023, the Company recognized $759 interest. As of June 30, 2023, and December 31, 2022, the Company owed principal of $54,000 and $35,000 and accrued interest of $ 1,015 and $255, respectively.