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NOTE 3 - NOTES PAYABLE
3 Months Ended
Mar. 31, 2021
Notes  
NOTE 3 - NOTES PAYABLE

NOTE 3 - NOTES 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 three months ended March 31, 2021 and 2020 totaled $690 and $698, respectively, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $13,432 and $12,742, respectively.  Principal balance due on the note at March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020 totaled $296 and $299, respectively, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $2,403 and $2,107, respectively.  Principal balance on the note at March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020 totaled $592 and $598, respectively, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $4,807 and $4,215, respectively.  Principal balance on the note at March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020 totaled $888 and $898, respectively, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $7,210 and $6,322, respectively.  Principal balance on the note at March 31, 2021 and December 31, 2020 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 three months ended March 31, 2021 and 2020 totaled $1,479 and $1,496, respectively, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $12,016 and $10,537, respectively.  Principal balance on the note at March 31, 2021 and December 31, 2020 was $50,000.

 

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 three months ended March 31, 2021 totaled $148, resulting in accrued interest at March 31, 2021 and December 31, 2020 of $539 and $391, respectively.  Principal balance on the note at March 31, 2021 and December 31, 2020 was $5,000.