|9 Months Ended|
Sep. 30, 2022
|Subsequent Events [Abstract]|
7) Subsequent Events
From October 1, 2022 through November 18, 2022 the Company borrowed $104,500 from related parties (due upon demand, 10% OID and 10% interest per month, convertible into Company’s common shares at $2.50 per share), entered into two (2) new merchant cash loan agreements collecting $580,000 (obligating the Company to repay $5,835 per day for 130 to 140 days) and issued six (6) convertible loans with a principal balance of $1,011,960. The term of these notes: loan term are from 2 to 12 months; interest rate from 0% to 24%, convertible into the Company’s common stock at a fixed rate of $2.50 per share or at a variable conversion rate upon an event of default. In this time the Company also issued shares of common stock to extend one convertible loan with $352,188 principal for one month and repaid another convertible loan in the amount of $146,542 on October 24, 2022. On October 5, 2022, a convertible note converted a $98,544 note and $5,751 accrued interest and fees into common shares.
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