Notes Payable – Stockholders |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Notes Payable Stockholders [Abstract] | |
| NOTES PAYABLE – STOCKHOLDERS | NOTE 7 – NOTES PAYABLE – STOCKHOLDERS
These notes payable have no formal repayment terms and $370,000 of the notes bear interest at 10% per annum and the remaining $225,000 of the notes bear interest at 20% per annum.
These notes payable are recorded as a current liability as of September 30, 2022 and December 31, 2021 in the amount of $595,000. Interest accrued on the notes, as of September 30, 2022 and December 31, 2021 was $257,481 and $195,626. Interest expense was $20,842 and $61,855 for the three and nine months ended September 30, 2022 and $20,844 and $204,411 for the three and nine months ended September 30, 2021. The higher 2021 interest expense is due to accretion of discount which was recognized in 2021 but not in 2022. |