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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 5 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

 

Upon inception, the Company evaluates each financial instrument to determine whether it meets the definition of “conventional convertible” debt under ASC 470.

 

Convertible Notes Payable

 

The following tables reflect the convertible notes payable at June 30, 2022 and December 31, 2021:

 

                                       
    Issue Date   Maturity
Date		   June 30,
2022		     December 31,
2021		     Rate     Conversion
Price		  
            Principal
Balance		     Principal
Balance		                
Convertible notes payable - in default                                      
Notes payable, Face Value   08/28/09   11/01/09   $ 4,300     $ 4,300       10.00 %   0.0150  
Notes payable, Face Value   11/20/12   05/20/13     50,000       50,000       6.00 %   0.0050  
Notes payable, Face Value   01/19/13   07/30/13     5,000       5,000       6.00 %   0.0040  
Notes payable, Face Value   02/11/13   08/11/13     9,000       9,000       6.00 %   0.0060  
Notes payable, Face Value   09/25/13   03/25/14     10,000       10,000       6.00 %   0.0125  
Notes payable, Face Value   10/04/13   04/04/14     50,000       50,000       6.00 %   0.0125  
Notes payable, Face Value   05/15/14   11/15/14     40,000       40,000       6.00 %   0.0070  
Notes payable, Face Value   09/18/15   03/18/16     25,000       25,000       6.00 %   0.0020  
Notes payable, Face Value   07/19/16   07/19/17     4,000       4,000       6.00 %   0.0015  
Notes payable, Face Value   03/06/18   09/06/18     6,000       6,000       6.00 %   0.0006  
Notes payable, Face Value   02/06/18   11/07/18     6,000       6,000       6.00 %   0.0006  
Notes payable, Face Value   01/03/19   07/03/19     1,000       1,000       6.00 %   0.0010  
Notes payable, Face Value   09/04/19   03/04/20     25,000       25,000       6.00 %   0.0030  
Balance convertible notes payable - in default           $ 235,300     $ 235,300                

 

    Issue Date   Maturity
Date		   June 30,
2022		     December 31,
2021		     Rate     Conversion
Price		  
            Principal
Balance		     Principal
Balance		                
Convertible notes payable - related parties, in default                                      
Notes payable, Face Value   01/09/09   01/09/10   $ 10,000     $ 10,000       10.00 %   0.0150  
Notes payable, Face Value   01/25/10   01/25/11     6,000       6,000       6.00 %   0.0050  
Notes payable, Face Value   01/18/12   07/18/12     50,000       50,000       8.00 %   0.0040  
Notes payable, Face Value   01/19/13   07/30/13     15,000       15,000       6.00 %   0.0040  
Notes payable, Face Value   07/26/13   01/26/14     10,000       10,000       6.00 %   0.0100  
Notes payable, Face Value   01/17/14   07/17/14     31,500       31,500       6.00 %   0.0060  
Notes payable, Face Value   05/27/14   11/27/14     7,000       7,000       6.00 %   0.0070  
Notes payable, Face Value   07/21/14   01/25/15     17,000       17,000       6.00 %   0.0080  
Notes payable, Face Value   10/16/14   04/16/15     21,000       21,000       6.00 %   0.0045  
Notes payable, Face Value   07/14/15   01/14/16     9,000       9,000       6.00 %   0.0030  
Notes payable, Face Value   01/12/16   07/12/16     5,000       5,000       6.00 %   0.0020  
Notes payable, Face Value   05/10/16   11/10/16     5,000       5,000       6.00 %   0.0005  
Notes payable, Face Value   05/10/16   11/10/16     5,000       5,000       6.00 %   0.0005  
Notes payable, Face Value   05/20/16   11/20/16     5,000       5,000       6.00 %   0.0005  
Notes payable, Face Value   07/12/16   01/12/17     2,400       2,400       6.00 %   0.0006  
Notes payable, Face Value   01/26/17   03/12/17     5,000       5,000       6.00 %   0.0005  
Notes payable, Face Value   02/14/17   08/14/17     25,000       25,000       6.00 %   0.0008  
Notes payable, Face Value   08/16/17   09/16/17     3,000       3,000       6.00 %   0.0008  
Notes payable, Face Value   03/14/18   05/14/18     25,000       25,000       6.00 %   0.0007  
Notes payable, Face Value   04/04/18   06/04/18     3,000       3,000       6.00 %   0.0007  
Notes payable, Face Value   04/11/18   06/11/18     25,000       25,000       6.00 %   0.0007  
Notes payable, Face Value   05/08/18   07/08/18     25,000       25,000       6.00 %   0.0007  
Notes payable, Face Value   05/30/18   08/30/18     25,000       25,000       6.00 %   0.0007  
Notes payable, Face Value   06/12/18   09/12/18     3,000       3,000       6.00 %   0.0007  
Notes payable, Face Value   06/20/18   09/12/18     500       500       6.00 %   0.0007  
Notes payable, Face Value   01/09/18   01/09/19     12,000       12,000       6.00 %   0.0006  
Notes payable, Face Value   08/27/18   02/27/19     2,000       2,000       6.00 %   0.0007  
Notes payable, Face Value   10/02/18   04/02/19     1,000       1,000       6.00 %   0.0008  
Notes payable, Face Value   10/23/18   04/23/19     4,200       4,200       6.00 %   0.0007  
Notes payable, Face Value   11/07/18   05/07/19     2,000       2,000       6.00 %   0.0008  
Notes payable, Face Value   11/14/18   05/14/19     8,000       8,000       6.00 %   0.0008  
Notes payable, Face Value   01/08/19   07/08/19     7,000       7,000       6.00 %   0.0008  
Notes payable, Face Value   04/25/19   12/23/19     20,000       20,000       6.00 %   0.0040  
Notes payable, Face Value   06/07/19   12/07/19     5,100       5,100       6.00 %   0.0030  
Notes payable, Face Value   09/17/19   04/17/20     12,000       12,000       6.00 %   0.0030  
Notes payable, Face Value   11/12/19   05/12/20     25,000       25,000       6.00 %   0.0025  
Notes payable, Face Value   11/26/19   05/26/20     25,200       25,200       6.00 %   0.0030  
Notes payable, Face Value   12/03/19   06/03/20     15,000       15,000       6.00 %   0.0030  
Notes payable, Face Value   01/07/20   06/20/20     51,000       51,000       6.00 %   0.0030  
Notes payable, Face Value   08/06/20   02/06/21     25,200       25,200       6.00 %   0.0035  
Notes payable, Face Value   08/06/20   02/06/21     35,000       35,000       6.00 %   0.0035  
Notes payable, Face Value   08/14/20   02/14/21     50,400       50,400       6.00 %   0.0035  
Notes payable, Face Value   10/13/21   04/13/22     3,000       -       2.00 %   0.0020  
Notes payable, Face Value   11/10/21   05/10/22     3,000       -       2.00 %   0.0020  
Balance convertible notes payable - related parties, in default           $ 644,500     $ 638,500                
Balance all convertible notes payable           $ 879,800     $ 875,936                

Notes Payable

 

The following tables reflect the notes payable at June 30, 2022 and December 31, 2021:

 

 

    Issue Date   Maturity
Date		   June 30,
2022		     December 31,
2021		     Rate  
            Principal
Balance		     Principal
Balance		      
Notes payable                              
Notes payable, Face Value   12/08/21   01/08/22   $ -     $ 50,000     6.00%  
Balance notes payable           $ -     $ 50,000        
                           
    Issue Date   Maturity
Date		   June 30,
2022		     December 31,
2021		     Rate  
            Principal
Balance		     Principal
Balance		      
Notes payable - in default                          
Notes payable, Face Value   04/27/11   04/27/12   $ 5,000     $ 5,000     6.00%  
Notes payable, Face Value   12/14/17   12/14/18     8,000       18,000     6.00%  
Notes payable, Face Value   11/29/17   11/29/19     105,000       105,000     2.06%  
Balance notes payable – default           $ 118,000     $ 128,000        
                           
    Issue Date   Maturity
Date		   June 30,
2022		     December 31,
2021		     Rate  
            Principal
Balance		     Principal
Balance		      
Notes payable - related parties, in default                          
Notes payable, Face Value   02/24/10   02/24/11   $ 7,500     $ 7,500     6.00%  
Notes payable, Face Value   10/06/15   11/15/15     10,000       10,000     6.00%  
Notes payable, Face Value   02/08/18   04/09/18     1,000       1,000     6.00%  
Balance notes payable - related parties, in default           $ 18,500     $ 18,500        
                               
Balance all notes payable           $ 136,500     $ 196,500        

New Convertible Notes Payable Issued During the Six Month Periods Ended June 30, 2022 and 2021

 

During the six month periods ended June 30, 2022 and 2021, the Company did not enter into any new convertible notes payable or notes payable Agreements.

 

Repayment of Promissory Notes

 

During the six month period ended June 30, 2022, the Company repaid a total of $50,000 of the principal of a promissory note with an original principal balance of $50,000 that was due on January 8, 2022.

 

During the six month period ended June 30, 2022, the Company repaid a total of $10,000 of the principal of a promissory note with an original principal balance of $75,000 that was due on December 14, 2018. The remaining principal balance of the note at June 30, 2022 was $8,000.

 

Note Conversions

 

There were no conversions of convertible promissory notes during the six month period ended June 30, 2022.

 

During the six month period ended June 30, 2021, the Company issued 8,734,640 shares of restricted common stock to a related party to settle $20,302 of accrued interest owed on sixteen convertible notes payable.

 

Shareholder Loan

 

At June 30, 2022 and December 31, 2021, the Company had the following loans outstanding to its CEO in the total amounts of $10,900 and 7,900, respectively, as follows:

 

  - A loan with no due date with a $1,500 remaining balance and an interest rate of 2% and a conversion rate of $0.0005;
     
  - A loan due on October 26, 2021 with a remaining balance of $4,000 and an interest rate of 1%;
     
  - A loan due on January 22, 2022 with a remaining balance of $1,400 and an interest rate of 1%;
     
  -

A loan due on January 26, 2022 with a remaining balance of $1,000 and an interest rate of 1%; and 

     
  - A loan due on June 16, 2022 with a remaining balance of $3,000 and an interest rate of 1%.

 

Collateralized Promissory Notes

 

Two convertible notes outstanding with related parties, dated January 9, 2009 and January 18, 2012 are collateralized by Company assets.

 

Convertible Notes Payable and Notes Payable, in Default

 

The Company does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations, which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company. The fact that the Company is in default of several promissory notes held by various lenders makes investing in the Company or providing any loans to the Company extremely risky with a very high potential for a complete loss of capital.