NOTE 6 - RELATED PARTY ACTIVITY

During the year ended December 31, 2022, the Company was provided loans totaling $259,687 by the Company’s chief executive officer. The loans bear interest at 6% per annum. There was $16,176 in accrued interest at December 31, 2022.

During the year ended December 31, 2022, $406,787 in notes payable to the Company’s chief executive officer were converted to 689,470 shares of the Company’s common stock valued at $4,274,714 based on the closing price on the grant date. $3,867,927 was recorded as loss on settlement of related party debt on the accompanying statement of operations as of December 31, 2022.

As of December 31, 2022, the Company has $36,326 in accrued dividends on preferred stock, of which $19,141 are due to the Company’s chief executive officer.

During the year ended December 31, 2021 the Company was provided loans totaling $285,100 by the Company’s chief executive officer. The loans bear interest at 6% per annum. There was $2,071 in accrued interest at December 31, 2021.

During the year ended December 31, 2021, $230,500 in notes payable and $4,870 accrued interest to the Company’s chief executive officer were converted to 784,570 shares of the Company’s common stock valued at $2,011,038 based on the closing price on the grant date. $1,775,668 was recorded as loss on settlement of related party debt on the accompanying statement of operations as of December 31, 2021.

During the year ended December 31, 2021, the Company issued to the chief executive officer 400,000 shares of the Company’s common stock in exchange for 400,000 shares of the Company’s Series A convertible Preferred Stock.

NOTE 6 - RELATED PARTY ACTIVITY (CONTINUED)

The following table is a summary of the activity for Loan payable- related parties for the year ended December 31, 2022:

SUMMARY OF ACTIVITY FOR LOANS PAYABLE- RELATED PARTIES