NOTE 3 - NOTES PAYABLE

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 totaled $690 and $690, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $16,232 and $15,542, respectively. Principal balance due on the note at March 31, 2022 and December 31, 2021 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, 2022 and 2021 totaled $296 and $296, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $3,603 and $3,307, respectively. Principal balance on the note at March 31, 2022 and December 31, 2021 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, 2022 and 2021 totaled $592 and $592, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $7,207 and $6,615, respectively. Principal balance on the note at March 31, 2022 and December 31, 2021 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, 2022 and 2021 totaled $888 and $888, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $10,810 and $9,922, respectively. Principal balance on the note at March 31, 2022 and December 31, 2021 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, 2021, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the three months ended March 31, 2022 and 2021 totaled $1,479 and $1,479, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $18,016 and $16,537, respectively. Principal balance on the note at March 31, 2022 and December 31, 2021 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 three months ended March 31, 2022 and 2021 totaled $148 and $148, respectively, resulting in accrued interest at March 31, 2022 and December 31, 2021 of $1,139 and $991, respectively. Principal balance on the note at March 31, 2022 and December 31, 2021 was $5,000.