NOTE 3 - NOTES PAYABLE

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2022 and 2021 totaled $2,087 and $2,094, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $17,636 and $15,542, respectively. Principal balance due on the note at September 30, 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 nine months ended September 30, 2022 and 2021 totaled $898 and $898, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $4,205 and $3,307, respectively. Principal balance on the note at September 30, 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 nine months ended September 30, 2022 and 2021 totaled $1,795 and $1,795, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $8,410 and $6,615, respectively. Principal balance on the note at September 30, 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 nine months ended September 30, 2022 and 2021 totaled $2,693 and $2,693, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $12,615 and $9,922, respectively. Principal balance on the note at September 30, 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 nine months ended September 30, 2022 and 2021 totaled $4,488 and $4,488, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $21,025 and $16,537, respectively. Principal balance on the note at September 30, 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 nine months ended September 30, 2022 and 2021 totaled $449 and $449, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $1,440 and $991, respectively. Principal balance on the note at September 30, 2022 and December 31, 2021 was $5,000.

On April 18, 2022, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on April 18, 2023 and carries an interest rate of 8% per annum. Interest expense for the nine months ended September 30, 2022 and 2021 totaled $362 and $-0-, respectively, resulting in accrued interest at September 30, 2022 and December 31, 2021 of $362 and $-0-, respectively. Principal balance on the note at September 30, 2022 and December 31, 2021 was $10,000 and $-0-, respectively.