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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE
 3 Months Ended
Mar. 31, 2023
Convertible Notes Payable And Notes Payable  
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 March 31, 2023 and December 31, 2022:

 

 

   Issue Date  Maturity
Date		  March 31,
2023		   December 31,
2022		   Rate   Conversion
Price
         Principal
Balance		   Principal
Balance		        
Convertible notes payable - related parties             
                         
Notes payable, Face Value  07/06/22  01/06/23  $-   $20,000    6.00%  0.0015
 Notes payable, Face Value  07/29/22  01/28/23   -    10,000    6.00%  0.0020
Notes payable, Face Value  08/04/22  02/04/23   -    10,000    6.00%  0.0020
Face value         -    40,000         
                         
Less unamortized discounts   -    -         
                         
Balance convertible notes payable - related parties  $-   $40,000         
                   
   Issue Date  Maturity
Date		  March 31,
2023		   December 31,
2022		   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  02/06/18  11/07/18   6,000    6,000    6.00%  0.0006
Notes payable, Face Value  03/06/18  09/06/18   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		  March 31,
2023		   December 31,
2022		   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  01/09/18  01/09/19   12,000    12,000    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  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  10/31/21  04/13/22   3,000    3,000    2.00%  0.0020
Notes payable, Face Value  11/10/21  05/10/22   3,000    3,000    2.00%  0.0020
Notes payable, Face Value  07/06/22  01/06/23   20,000    -    6.00%  0.0015
Notes payable, Face Value  07/29/22  01/28/23   10,000    -    6.00%  0.0020
Notes payable, Face Value  08/04/22  02/04/23   10,000    -    6.00%  0.0020
                         
Balance convertible notes payable - related parties, in default  $684,500   $644,500         
                         
Balance all convertible notes payable  $919,800   $919,800         

Notes Payable

 

The following tables reflect the notes payable at March 31, 2023 and December 31, 2022:

 

 

   Issue Date  Maturity
Date		  March 31,
2023		   December 31,
2022		   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   3,000    8,000    6.00%
Notes payable, Face Value  11/29/17  11/29/19   105,000    105,000    2.06%
Balance notes payable – default     $113,000   $118,000      
                      
   Issue Date  Maturity
Date		  March 31,
2023		   December 31,
2022		   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  $131,500   $136,500      

 

New Convertible Notes Payable Issued During the three Month Periods Ended March 31, 2023 and 2022

 

During the three month periods ended March 31, 2023 and 2022, the Company did not issue any new convertible notes payable or notes payable agreements.

 

Repayment of Promissory Note

 

During the three month period ended March 31, 2023, the Company repaid a total of $5,000 of the principal of a note payable with an original principal balance of $75,000 that was due on December 14, 2018. The remaining principal balance of the note at March 31, 2023 was $3,000.

 

During the three month period ended March 31, 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.

 

Note Conversions

 

There were no conversions of convertible promissory notes during the three month periods ended March 31, 2023 and 2022.

 

Shareholder Loan

 

At March 31, 2023 the Company had the following loans outstanding to its CEO in the total amount of $5,000 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; and
     
  - A loan due on September 9, 2022 with a remaining balance of $3,500, and an interest rate of 1%.
     

At December 31, 2022 the Company had the following loans outstanding to its CEO in the total amounts of $7,400 as follows:

 

  - A loan with no due date with a remaining balance of $1,500 and an interest rate of 2% and a conversion rate of $0.0005;
     
  - 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 September 9, 2022 with a remaining balance of $3,500, 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.