Notes payable |
12 Months Ended |
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Dec. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| Notes payable | Note 6 – Notes payable
Convertible notes payable to non-related parties
On October 18, 2017, the Company borrowed $ from an unrelated third party. The Company paid $ of fees associated with the loan, which was recorded as discount and to be amortized over the term of the debt and was fully amortized as of December 31, 2018. The loan bears interest at a rate of % (default interest %) and has a maturity date of . . During the year ended December 31, 2018 the Company paid $ to extend the maturity date until . During the year ended December 31, 2019, the Company paid $ in extension fees. The note was discounted for a derivative (see note 8 for details) and the discount of $ is being amortized over the life of the note using the effective interest method which was fully amortized as of December 31, 2018. During the year ended December 31, 2019 the holder converted $ of accrued interest into shares of common stock resulting in a loss of $. As of December 31, 2021 and December 31, 2020 the balance outstanding on the loan is $ and $, respectively. On May 28, 2021 the Company entered into a settlement and release agreement with the Lender and agreed to pay the Lender a settlement of $400,000. The first payment of $200,000 was due upon signing and the Company agreed to make additional $100,000 payments on the 30th and 60th day after signing. The additional $250,000 settlement was recorded as interest during the year ended December 31, 2021. As of December 31, 2023 and December 31, 2022 accrued interest and the note balance had been repaid.
On March 21, 2018, the Company borrowed $ from an unrelated third party. The Company paid $ of fees associated with the loan and had amortized $ of the costs as of December 31, 2018. The note bears an interest rate: % (default interest lesser of % or maximum permitted by law) and matures on . . The note was discounted for a derivative (see note 8 for details) and the discount of $ has been fully amortized over the life of the note using the effective interest method. As of December 31, 2023 and December 31, 2022 the amount had been fully amortized. As of December 31, 2023 and December 31, 2022 accrued interest and the note balance had been repaid.
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