Quarterly report pursuant to Section 13 or 15(d)

Convertible Promissory DEBENTURES (Tables)

v3.22.2.2
Convertible Promissory DEBENTURES (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF CONVERTIBLE NOTES PAYABLE

Convertible notes payable consisted of the following:

 

   

June 30,

2022

    

December 31,

2021

  
             
      457,380       457,380  
January 28, 2020 ($457,380) – 0% interest per annum outstanding principal and interest due October 20, 2022 (“Note 1”)   $ 457,380     $ 457,380  
June 23, 2020 ($60,500) – 0% interest per annum outstanding principal and interest due October 20, 2022 (“Note 2”)     60,500       60,500  
September 17, 2020 ($199,650) – 0% interest per annum outstanding principal and interest due October 20, 2022. On October 28, 2021, Osher elected to convert $16,714 of the aggregate principal amount of the Note of $199,650, into 42,857 common shares (“Note 3”).     182,936       182,936  
March 23, 2022 ($220,000) – 0% interest per annum outstanding principal and interest due March 23, 2023 (“Note 4”)     220,000       -  
April 28, 2022 ($110,000) – 0% interest per annum outstanding principal and interest due April 28, 2023 (“Note 5”)     110,000       -  
May 10, 2022 ($110,000) – 0% interest per annum outstanding principal and interest due May 10, 2023 (“Note 6”)     110,000       -  
June 1, 2022 ($55,000) – 0% interest per annum outstanding principal and interest due June 1, 2023 (“Note 7”)     55,000       -  
June 22, 2020 ($82,500) – 0% interest per annum outstanding principal and interest due June 22, 2023 (“Note 8”)     82,500       -  
                 
Total convertible notes payable     1,278,316       700,816  
Original issue discount     (64,659 )     (53,614 )
Debt discount     (268,438 )     -  
                 
Total convertible notes payable   $ 945,219     $ 647,202  
SCHEDULE OF PRINCIPAL PAYMENTS DUE ON CONVERTIBLE PROMISSORY DEBENTURES

Principal payments on convertible promissory debentures are due as follows:

 

       
Year ending December 31,      
2022   $ 700,816  
2023     577,500  
 Long-Term Debt   $ 1,278,316  
SCHEDULE OF CHANGES IN CONVERTIBLE NOTES

Changes in convertible notes were as follows:

                                                                         
    Note 1     Note 2     Note 3     Note 4     Note 5     Note 6     Note 7     Note 8     Totals  
Convertible notes payable as of January 1, 2021   $ 385,000     $ 50,000     $ 181,500     $ -     $ -     $ -     $ -     $ -     $ 616,500  
Extension of convertible note payable     72,380       10,500       18,150       -       -       -       -       -       101,030  
Exchange of convertible note payable for common stock     -       -       (16,714 )     -       -       -       -       -       (16,714 )
Convertible notes payable, net, as of December 31, 2021     457,380       60,500       182,936       -       -       -       -       -       700,816  
                                                                         
Convertible notes payable issued in 2022     -       -       -       220,000       110,000       110,000       55,000       82,500       577,500  
Convertible notes payable as of June 30, 2022   $ 457,380     $ 60,500     $ 182,936     $ 220,000     $ 110,000     $ 110,000     $ 55,000     $ 82,500     $ 1,278,316  
SCHEDULE OF CHANGES IN NOTE DISCOUNTS

Changes in note discounts were as follows:

 

                                                                         
    Note 1     Note 2     Note 3     Note 4     Note 5     Note 6     Note 7     Note 8     Totals  
Note discounts as of January 1, 2021   $ 73,418     $ 5,830     $ 18,584     $ -     $ -     $ -     $ -     $ -     $ 97,832  
Note discounts in conjunction with extension of convertible note     41,580       5,500       18,150       -       -       -       -       -       65,230  
2021 accretion of note discounts     (80,822 )     (6,809 )     (21,817 )     -       -       -       -       -       (109,448 )
Note discounts as of December 31, 2021     34,176       4,521       14,917       -       -       -       -       -       53,614  
                                                                         
Note discounts issued in conjunction with debt     -       -       -       182,362       60,874       60,877       31,303       48,437       383,853  
2022 accretion of note discounts     (20,620 )     (2,727 )     (9,000 )     (49,462 )     (10,507 )     (8,506 )     (2,487 )     (1,061 )     (104,370 )
Note discounts as of June 30, 2022   $ 13,556     $ 1,794     $ 5,917     $ 132,900     $ 50,367     $ 52,371     $ 28,816     $ 47,376     $ 333,097  
                                                                         
Convertible notes payable, net, as of December 31, 2021   $ 423,204     $ 55,979     $ 168,019     $ -     $ -     $ -     $ -     $ -     $ 647,202  
Convertible notes payable, net, as of June 30, 2022   $ 443,824     $ 58,706     $ 177,019     $ 87,100     $ 59,633     $ 57,629     $ 26,184     $ 35,124     $ 945,219  
                                                                         
2021 Effective interest rate     24 %     11 %     12 %     -%       -%       -%       -%       -%       16 %
2022 Effective interest rate     5 %     5 %     5 %     22 %     10 %     8 %     5 %     1 %     8 %