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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE
 12 Months Ended
Dec. 31, 2023
Convertible Notes Payable And Notes Payable  
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 5 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

 

Convertible Notes Payable

 

The following table reflects the convertible notes payable as of December 31, 2023 and 2022:  

 

 

   Issue Date  Maturity
Date		  December 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       
                       
Balance convertible notes payable - related parties        $-   $40,000       
                     
   Issue Date  Maturity
Date		  December 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
Notes payable, Face Value  09/18/23  10/18/23   120,000    --   6.00%  0.0020
Balance convertible notes payable - in default  $355,300   $235,300       
   Issue Date  Maturity
Date		  December 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%  0.0006
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
Notes payable, Face Value  07/24/23  09/24/23   5,000    -   1.00%  0.00175
Notes payable, Face Value  08/02/23  10/01/23   100,000    -   6.00%  0.0020
Balance convertible notes payable - related parties, in default  $789,500   $644,500       
                       
Balance all convertible notes payable  $1,144,800   $919,800       

Notes Payable

 

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

 

 

   Issue Date  Maturity
Date		  December 31,
2023		   December 31,
2022		   Rate
         Principal
Balance		   Principal
Balance		    
Notes payable                   
Notes payable, Face Value  11/10/23  11/10/24  $500,000   $-   6.00%
                    
Less unamortized discounts         (95,214)   -    

Balance notes payable

        $404,786   $-    
                    
   Issue Date  Maturity
Date		  December 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   2,000    8,000   6.00%
Notes payable, Face Value  11/29/17  11/29/19   105,000    105,000   2.06%
Balance notes payable – default        $112,000   $118,000    
                    
   Issue Date  Maturity
Date		  December 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        $

535,286

   $136,500    

 

For the years ended December 31, 2023 and 2022, the Company recorded interest expense related to the amortization of debt discounts in the amount of approximately $0 and $3,864, respectively, which is included in interest expense on the consolidated statements of operations.

 

New Convertible Notes Payable Issued During the Years Ended December 31, 2023 and 2022

 

During the year ended December 31, 2023, the Company entered into the following Convertible Notes Payable and 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 December 31, 2023.

 

In July of 2023, the Company entered into a convertible promissory note agreement in the amount of $5,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 1% per annum and the principal and accrued interest was due on or before September 24, 2023. The lender received 500,000 shares of the Company’s restricted common stock as a loan origination fee. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.00175 per share.

 

In August of 2023, the Company entered into a promissory note agreement in the amount of $100,000 with a related party. This note paid interest at a rate of 6% per annum and the principal and accrued interest is due on or before October 2, 2023. The lender received 2,000,000 shares of the Company’s restricted common stock as a loan origination fee. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0020 per share.

 

In September of 2023, the Company entered into a convertible promissory note agreement in the amount of $120,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before October 18, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share.

In November 2023, the Company entered into a promissory note agreement in the amount of up to $1,000,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before November 10, 2024. The lender received 20,000,000 shares of the Company’s restricted common stock as a loan origination fee. The note is unsecured. The lender advanced $500,000 to the Company upon execution of the note agreement and agreed to provide an additional $500,000 upon written request of the Company. The note agreement further states that the Company will repay amount of the loan balance on the one year anniversary dates from the receipt of the funding. There is no prepayment penalty if the Company repays the note prior to the due date.

 

During the year ended December 31, 2022, the Company entered into the following Convertible Notes Payable and Notes Payable Agreements:

 

In July of 2022, the Company entered into a convertible promissory note agreement in the amount of $20,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before January 6, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0015 per share.

 

In July of 2022, the Company entered into a convertible promissory note agreement in the amount of $10,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before January 29, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share.

 

In August of 2022, the Company entered into a convertible promissory note agreement in the amount of $10,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before February 4, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share.

 

In August of 2022, the Company entered into a promissory note agreement in the amount of $5,000 with a related party. This note paid interest at a rate of 6% per annum and the principal and accrued interest was due on or before August 26, 2022. The lender received 500,000 shares of the Company’s restricted common stock as a loan origination fee. The note was repaid and the balance at December 31, 2022 was $0.

 

In August of 2022, the Company entered into a convertible promissory note agreement in the amount of $50,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 29, 2022. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share. This convertible note payable was converted during 2022.

 

Repayment of Promissory Note

 

During the year ended December 31, 2023, the Company repaid a total of $6,000 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 December 31, 2023 was $2,000.

 

During the year ended December 31, 2022, the Company repaid a total of $50,213 of the principal and accrued interest of a promissory note with an original principal balance of $50,000 that was due on January 8, 2022.

 

Note Conversions

 

During the year ended December 31, 2023 there were no note conversions.

 

During the year ended December 31, 2022:

 

The Company issued 25,221,918 shares of restricted common stock with a total share value of $73,117 to a related party to settle $50,444 of the principal and accrued interest owed on a convertible note payable that was due on September 29, 2022.

 

Shareholder Loan

 

At December 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.