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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022:

 

 

    Issue Date   Maturity
Date		   June 30,
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		   June 30,
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		   June 30,
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 June 30, 2023 and December 31, 2022:

 

 

    Issue Date   Maturity
Date		   June 30,
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		   June 30,
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 Six Month Periods Ended June 30, 2023 and 2022

 

During the six month periods ended June 30, 2023 and 2022, the Company did not issue any new convertible notes payable.

 

During the six month periods ended June 30, 2023 the Company entered into the following notes payable agreements:

 

In May of 2023, the Company entered into a convertible promissory note agreement in the amount of $50,000 with an individual. This note paid interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 30, 2023. The lender received 1,000,000 shares of the Company’s restricted common stock as a financing fee for providing the loan. The principal balance and accrued interest of $115 was repaid prior to June 30, 2023.

 

Repayment of Promissory Note

 

During the six month period ended June 30, 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 June 30, 2023 was $3,000.

 

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.

 

Note Conversions

 

During the six month period ended June 30, 2023:

 

The Company issued 12,010,537 shares of restricted common stock to a related party to settle $28,264 of accrued interest owed on sixteen convertible notes payable with a total share value of $40,837.

 

Shareholder Loan

 

At June 30, 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.