|3 Months Ended|
Mar. 31, 2022
|Subsequent Events [Abstract]|
7) Subsequent Events
After April 1, 2022, the Company issued 200,000). Each loan carries a 12% annual interest rate, a twelve-month term and is convertible at $2.50 per share. shares of common stock along with issuance of two convertible loans (totaling $
In this period, the Company also borrowed $227,000 from related parties with 10% original issue discount and 12% annual interest rate, and repaid $211,000 of related party loans. The Company also entered into a new merchant cash loan arrangement (collecting $225,000 in return for contractual payments of $11,008 per week for 28 weeks). During this period the Company also issued shares of common stock to professional services vendors and committed to issue shares in three months for service to be provided.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef