General form of registration statement for all companies including face-amount certificate companies

Notes Payable, Related Parties (Tables)

v3.23.4
Notes Payable, Related Parties (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Notes Payable Related Parties    
Schedule of Notes Payable Related Party

Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively:

    September 30,     December 31,  
    2023     2022  
             
On September 11, 2023, the Company received an advance of $52,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.   $ 52,000     $ -  
                 
On August 31, 2023, the Company received an advance of $4,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     4,000       -  
                 
On August 14, 2023, the Company received an advance of $6,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     6,000       -  
                 
On August 5, 2022, the Company received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     50,000       50,000  
                 
On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     4,500       4,500  
                 
On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate.     100,000       100,000  
                 
On July 7, 2022, the Company received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     5,000       5,000  
                 
On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000  
                 
On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000  
                 
On May 5, 2022, the Company received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     20,000       20,000  
                 
On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate.     400,000       400,000  
                 
On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate.     200,000       200,000  
                 
On December 29, 2021, the Company received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate.     200,000       200,000  
                 
Total notes payable, related party     1,061,500       999,500  
Less: current maturities     1,061,500       99,500  
Notes payable, related party, long-term portion   $ -     $ 900,000  

Notes payable, related party, consists of the following at December 31, 2022 and 2021, respectively:

 

    December 31,     December 31,  
    2022     2021  
             
On August 5, 2022, the Company received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.   $ 50,000     $ -  
                 
On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     4,500       -  
                 
On July 7, 2022, the Company received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     5,000       -  
                 
On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       -  
                 
On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       -  
                 
On May 5, 2022, the Company received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     20,000       -  
                 
On December 29, 2021, the Company received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate.     200,000       200,000  
                 
Total notes payable. related party     299,500       200,000  
Less: current maturities     99,500       -  
Notes payable, related party, long-term portion   $ 200,000     $ 200,000  
Schedule of Interest Expenses

The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows:

    September 30,     September 30,  
    2023     2022  
             
Finance cost on equity line of credit   $ -     $ 15,000  
Interest on convertible notes, related party     44,877       43,899  
Interest on notes payable, related parties     58,804       43,763  
Interest on notes payable     47,255       21,120  
Amortization of debt discounts     13,549       50,753  
Amortization of debt discounts, common stock     12,684       106,894  
Amortization of debt discounts, warrants     -       255,026  
Series B preferred stock issued as a commitment on an ELOC     -       205,005  
Common stock issued as a commitment on the 2nd AJB Note     -       134,128  
Interest on accounts payable     -       11,249  
Total interest expense   $ 177,169     $ 886,837  

The Company recognized interest expense for the year ended December 31, 2022 and 2021, respectively, as follows:

 

    December 31,     December 31,  
    2022     2021  
             
Interest on convertible notes   $ 59,023     $ 17,260  
Interest on notes payable     85,653       18,945  
Interest on notes payable, related parties     19,127       9,729  
Amortization of debt discounts on convertible notes     50,753       42,247  
Amortization of debt discounts on convertible notes, common stock     106,894       311,418  
Amortization of debt discounts on convertible notes, warrants     255,026       102,991  
Finance cost on equity line of credit, issuances of series B preferred stock     205,005       -  
Finance cost on equity line of credit, issuances of common stock     134,128       -  
Finance cost on equity line of credit     30,000       -  
Interest on accounts payable     11,249       8,541  
Total interest expense   $ 956,858     $ 511,131  
Schedule to Purchase Shares of Preferred Stock  

Date   Shares     Purchase Price  
Initial Closing Date     16,666     $ 249,990  
February 22, 2021     16,667       250,005  
March 8, 2021     16,667       250,005  
March 22, 2021     16,667       250,005  
April 5, 2021     16,666       249,990  
April 19, 2021     16,667       250,005  
May 17, 2021     33,334       500,010  
June 14, 2021     33,333       499,995  
July 12, 2021     33,333       499,995  
Total     200,000     $ 3,000,000