NOTE 6 - NOTES PAYABLE

12 Months Ended

Dec. 31, 2021

Notes

NOTE 6 - NOTES PAYABLE

NOTE 6 – 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 years ended December 31, 2021 and 2020 totaled $2,800 and $2,808, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $15,542 and $12,742, respectively.    Principal balance on the note at December 31, 2021 and 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 years ended December 31, 2021 and 2020 totaled $1,200 and $1,203, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $3,307 and $2,107, respectively. Principal balance on the note at December 31, 2021 and 2020 was $10,000.  

BIOETHICS, LTD.

NOTES TO CONDENSED FINANCIAL STATEMENTS

December 31, 2021 and 2020

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, 2021 and 2020 totaled $2,400 and $2,406, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $6,615 and $4,215, respectively. Principal balance on the note at December 31, 2021 and 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 years ended December 31, 2021 and 2020 totaled $3,600 and $3,610, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $9,922 and $6,322, respectively. Principal balance on the note at December 31, 2021 and 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 years ended December 31, 2021 and 2020 totaled $6,000 and $6,016, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $16,537 and $10,537, respectively. Principal balance on the note at December 31, 2021 and 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, is now due on demand, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2021 and 2020 totaled $600 and $391, respectively, resulting in accrued interest at December 31, 2021 and 2020 of $991 and $391.  Principal balance on the note at December 31, 2021 and 2020 was $5,000.