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NOTE 3 - NOTES PAYABLE
6 Months Ended
Jun. 30, 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 six months ended June 30, 2021 and 2020 totaled $1,388 and $1,396, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $14,130 and $12,742, respectively.  Principal balance due on the note at June 30, 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 six months ended June 30, 2021 and 2020 totaled $595 and $598, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $2,702 and $2,107, respectively.  Principal balance on the note at June 30, 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 six months ended June 30, 2021 and 2020 totaled $1,190 and $1,197, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $5,405 and $4,215, respectively.  Principal balance on the note at June 30, 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 six months ended June 30, 2021 and 2020 totaled $1,785 and $1,795, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $8,107 and $6,322, respectively.  Principal balance on the note at June 30, 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 six months ended June 30, 2021 and 2020 totaled $2,975 and $2,992, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $13,512 and $10,537, respectively.  Principal balance on the note at June 30, 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 was due on May 1, 2021 and is now due on demand and carries an interest rate of 12% per annum.  Interest expense for the six months ended June 30, 2021 and 2020 totaled $298 and $89, respectively, resulting in accrued interest at June 30, 2021 and December 31, 2020 of $689 and $391, respectively.  Principal balance on the note at June 30, 2021 and December 31, 2020  was $5,000.