NOTES PAYABLE

6 Months Ended

Jun. 30, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 10 – NOTES PAYABLE

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

	June 30, 2024		December 31, 2023
Notes Payable – Round A – Westside Advisors	$	1,010,098	$	-
Notes Payable – Round B		307,000		250,000
MC Mining		8,000		20,000
T Sauve		150,000		-
White River Holdings Consultant		75,000		-
Total Notes Payable	$	1,550,098	$	270,000

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

2025	483,000
2026	1,067,098
	1,550,098

Notes Payable – Round A – Westside Advisors

The note payable bears a 10.0% annual interest rate, compounded calendar quarterly. Accrued interest of 22,924 and $310,507 was recorded at June 30, 2024 and December 31, 2023, respectively. The note was due two years from the date of issuance but was extended until June 30, 2026.

Notes Payable – Round B

These notes bear a 10% annual interest rate, compounded calendar quarterly. Accrued interest of $20,122 and $5,712 was recorded at June 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, $8,000 and $20,000 is outstanding at June 30, 2024 and December 31, 2023, respectively. There is no interest due on the unpaid portion of the monthly rental income.

T Sauve Note Payable

On January 1, 2024, the Company created a promissory note due to Thomas M. Sauve, CEO for 2023 salary that was previously accrued and unpaid at December 31, 2023. This note bears interest of 5.13% annual rate, compounded calendar monthly on the outstanding note amount. Accrued interest of $3,878 and $0 was recorded at June 30, 2024 and December 31, 2023, respectively. The note shall be repaid in full by January 1, 2025.

White River Holdings Consultant Note Payable

On January 1, 2024, the Company created a promissory note due to White River Holdings, a consultant, for 2023 fees that were previously accrued and unpaid at December 31, 2023. This note bears interest of 5.13% annual rate, compounded monthly on the outstanding note amount. Accrued interest of $1,939 and $0 was recorded at June 30, 2024 and December 31, 2023, respectively. The note shall be repaid in full by January 1, 2025.