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NOTE 3 - NOTES PAYABLE
9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020 totaled $2,094 and $2,102, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $14,836 and $12,742, respectively.  Principal balance due on the note at September 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 nine months ended September 30, 2021 and 2020 totaled $897 and $901, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $3,005 and $2,108, respectively.  Principal balance on the note at September 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 nine months ended September 30, 2021 and 2020 totaled $1,795 and $1,802, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $6,010 and $4,215, respectively.  Principal balance on the note at September 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 nine months ended September 30, 2021 and 2020 totaled $2,693 and $2,702, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $9,015 and $6,322, respectively.  Principal balance on the note at September 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 nine months ended September 30, 2021 and 2020 totaled $4,488 and $4,504, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $15,025 and $10,537, respectively.  Principal balance on the note at September 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 nine months ended September 30, 2021 and 2020 totaled $449 and $240, respectively, resulting in accrued interest at September 30, 2021 and December 31, 2020 of $840 and $391, respectively.  Principal balance on the note at September 30, 2021 and December 31, 2020  was $5,000.