NOTE 5 - NOTE PAYABLE

9 Months Ended

Sep. 30, 2021

Notes

NOTE 5 - NOTE PAYABLE

NOTE 5 – NOTES PAYABLE

Notes payable is comprised of the following:

	September 30,		December 31,
	2021		2020
	(Unaudited)
Borrowing under loan agreement, 6% per annum,  personally guaranteed.	$	50,000	$	-
Note payable, 6% per annum, unsecured.		10,000		-
	$	60,000	$	-

On June 16, 2021, the Company entered into a loan agreement, not to exceed $75,000. with an unaffiliate individual (“Lender”) and borrowed $50,000 as a first advance. This loan bears interest at 6% per annum, and is due nine months after the first advance, or such earlier date that the Lender may demand payment, which may not be earlier than 60 days after the first advance (“Maturity Date”). At Lender’s sole discretion, the Maturity Date may be extended. Borrowings under this loan agreement shall remain senior with respect to priority lien and right of payment to any indebtedness acquired by the Company. As a condition of the loan agreement, the Company’s Chief Executive Officer personally and unconditionally guaranteed the timely repayment of the loan and is liable for any amounts remaining due and owed following the Maturity Date. Interest expense related to this borrowing was $880 for the nine months ended September 30, 2021. Accrued interest on this borrowing was $880 as of September 30, 2021.

On August 27, 2021, the Company borrowed $10,000 from an unrelated individual. This loan bears interest at 6% per annum and is due on April 30, 2022. Interest expense related to this borrowing was $58 for the nine months ended September 30, 2021. Accrued interest on this borrowing was $58 as of September 30, 2021.