NOTES PAYABLE

9 Months Ended

Sep. 30, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 10 – NOTES PAYABLE

As of September 30, 2024 and December 31, 2023, notes payable amounted to:

	September 30, 2024		December 31, 2023
Notes Payable – Round B	$	250,000	$	250,000
MC Mining		2,000		20,000
Total Notes Payable	$	252,000	$	270,000

As of September 30, 2024, remaining maturities of notes payable were as follows:

2025	252,000
2026	-
2027	-
2028	-
2029 and Thereafter	-
	252,000

Notes Payable – Round B

These notes bear a 10% annual interest rate, compounded calendar quarterly. Accrued interest of $25,528 and $5,712 was recorded at September 30, 2024 and December 31, 2023, respectively. The notes issued under Round B are due two years from the date of issuance. Due dates range from October 2025 through March 2026.

MC Mining

On April 1, 2022, the Company purchased the rights to receive rental income from a related party from property located in Pike County, Kentucky.  The rental income is $2,500 per month and the consideration paid by the Company to the seller was a total of $149,150, which represents $60,000 in cash to be paid to the seller in the form of 80% of the monthly rental income until the cash consideration is paid in full, plus the issuance of $89,150 worth of shares of the Company that will be valued at the same per common share value at the consummation of a transaction that results in the Company becoming publicly traded. Of the $60,000 in cash to be paid to the seller, $2,000 and $20,000 is outstanding at September 30, 2024 and December 31, 2023, respectively. There is no interest due on the unpaid portion of the monthly rental income.