| Notes Payable, Related Party |
Note
12 – Notes Payable, Related Party
Notes
payable, related party, consists of the following at March 31, 2022 and December 31, 2021, respectively:
Schedule
of Notes Payable Related Party
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March 31, |
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December 31, |
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| |
|
2022 |
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|
2021 |
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| |
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| 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 carried an 8% interest rate. |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
| |
|
|
|
|
|
|
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| Total notes payable. related party |
|
|
200,000 |
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|
|
200,000 |
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| Less: current maturities |
|
|
- |
|
|
|
- |
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| Notes payable, related party, long-term portion |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related party, in the amount of $3,967
for the three months ended March 31, 2022.
The
Company recognized interest expense for the three months ended March 31, 2022 and 2021, as follows:
Schedule of Interest Expenses
| |
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March 31, |
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|
March 31, |
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| |
|
2022 |
|
|
2021 |
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| |
|
|
|
|
|
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| Interest on convertible notes |
|
$ |
14,795 |
|
|
$ |
- |
|
| Interest on notes payable |
|
|
3,888 |
|
|
|
9,069 |
|
| Interest on notes payable, related party |
|
|
3,967 |
|
|
|
- |
|
| Amortization of debt discounts |
|
|
17,569 |
|
|
|
5,994 |
|
| Amortization of debt discounts, common stock |
|
|
37,002 |
|
|
|
73,927 |
|
| Amortization of debt discounts, warrants |
|
|
88,278 |
|
|
|
- |
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| Interest on accounts payable |
|
|
693 |
|
|
|
4,471 |
|
| Total interest expense |
|
$ |
166,192 |
|
|
$ |
93,461 |
|
|