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CONVERTIBLE NOTE
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE

NOTE 5 – CONVERTIBLE NOTE

 

On February 17, 2021 the Company (Palisades Venture Inc.) and Rechtman entered into a convertible note agreement with Mr. Robert Papiri in the amount of $24,000 and an interest rate of 8% per annum. $4000 was the remaining balance from an older note Papiri provided and the remaining amount was to provide the company the financial help to complete and pay for the costs associated with the S1 registration. To date Papiri has advanced $39,000 against this note. In the year ended December 31, 2024 and 2023 $22,500 and $2,500 were advanced respectively. The note was revised On March 1, 2023 with a maturity date of June 1, 2025 and an interest rate of 8% per annum.

 

This note can convert to 2,500,000 shares of common stock of Palisades Venture, Inc. with conversion price of $0.0096 per share within 60 days following the filing of the S1 registration. If Papiri does not convert, the loan is repaid over 18 months with minimum payments of $1,000 per month and a balloon at the end of the period. No payments are due until 60 days after the filing of the registration statement. The interest rate on this note is 8% per annum. Any balance of interest due at the time of conversion may also be converted under the same terms as the capital portion of the note.

 

CONVERTIBLE NOTE AND INTEREST

                   
Robert Papiri  Issuance Date  Date of Revision  Maturity date  Amount   Interest Rate 
                    
Details  February 17, 2021  March 1, 2023  June 1, 2025  $24,000    8% 

 

   Note   Interest 
         
Opening Balance-December 31, 2021  $8000   $– 
           
Additions   6000    – 
           
Interest   –    – 
           
Imputed Interest   –    – 
           
Balance as at December 31, 2022  $14,000   $3,267 
           
Additions   2,500    – 
           
Repayments   –    – 
           
interest   –    1,337 
           
Balance as at December 31, 2023  $16,500   $4,604 
           
Additions   22,500    – 
           
Repayments   –    – 
           
Interest   –    2,117 
           
Balance as at December 31, 2024  $39,000   $6,721 

 

INTEREST EXPENSE

               
   Robert Papiri   Corptech Holdings, Inc.   TOTAL 
             
Year Ended December 31, 2023  $1,337   $30,000   $31,337 
                
Year ended December 31, 2024  $2,117   $30,000   $32,117