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NOTE 6 - NOTES PAYABLE
12 Months Ended
Dec. 31, 2020
Notes  
NOTE 6 - NOTES PAYABLE

NOTE 6 – NOTE PAYABLE

 

On June 14, 2016, the Company issued a promissory note in the principal amount of $35,000 to an unaffiliated lender. The Note is due on demand at any time after its original maturity date of June 14, 2017 and carries an interest rate of 8% per annum.  Interest expense for the years ended December 31, 2020 and 2019 totaled $2,808 and $2,800, respectively, resulting in accrued interest at December 31, 2020 and 2019 of $12,742 and $9,934, respectively. Principal balance on the note at December 31, 2020 and 2019 was $35,000.

 

On August 15, 2018, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note was due on November 15, 2018, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2020 and 2019 totaled $1,203 and $1,200, respectively, of which the Company repaid $750 during the year ended December 31, 2019, resulting in accrued interest at December 31, 2020 and 2019 of $2,107 and $904, respectively. Principal balance on the note at December 31, 2020 and 2019 was $10,000.  

 

On November 15, 2018, the Company issued a promissory note in the principal amount of $20,000 to an unaffiliated lender. The Note was due on February 15, 2019, is currently in default, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2020 and 2019 totaled $2,406 and $2,400, respectively, of which the Company repaid $894 during the year ended December 31, 2019, resulting in accrued interest at December 31, 2020 and 2019 of $4,215 and $1,808, respectively. Principal balance on the note at December 31, 2020 and 2019 was $20,000.

 

On December 31, 2018, the Company issued a promissory note in the principal amount of $30,000 to an unaffiliated lender. The Note was due on December 31, 2019, is currently in default, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2020 and 2019 totaled $3,610 and $3,600, respectively, of which the Company repaid $888 during the year ended December 31, 2019, resulting in accrued interest at December 31, 2020 and 2019 of $6,322 and $2,712, respectively. Principal balance on the note at December 31, 2020 and 2019 was $30,000.  

 

On January 23, 2019, the Company issued a promissory note in the principal amount of $50,000 to an unaffiliated lender. The Note was due on January 23, 2020, is currently in default, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2020 and 2019 totaled $6,016 and $5,622, respectively, of which the Company repaid $1,101 during the year ended December 31, 2019, resulting in accrued interest at December 31, 2020 and 2019 of $10,537 and $4,521, respectively. Principal balance on the note at December 31, 2020 and 2019 was $50,000 and $-0-, respectively.

 

On May 1, 2020, the Company issued a promissory note in the principal amount of $5,000 to an unaffiliated lender. The Note is due on May 1, 2021 and carries an interest rate of 12% per annum.  Interest expense for the year ended December 31, 2020 totaled $391, resulting in accrued interest at December 31, 2020 of $391.  Principal balance on the note at December 31, 2020 was $5,000.