NOTE 3 - NOTES PAYABLE

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 totaled $1,388 and $1,388, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $19,730 and $18,342, respectively. Principal balance due on the note at June 30, 2023 and December 31, 2022 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, 2023 and 2022 totaled $595 and $595, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $5,102 and $4,507, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 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, 2023 and 2022 totaled $1,190 and $1,190, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $10,205 and $9,015, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 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, 2023 and 2022 totaled $1,785 and $1,785, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $15,307 and $13,522, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 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, 2022, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the six months ended June 30, 2023 and 2022 totaled $2,975 and $2,975, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $25,512 and $22,537, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 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, 2022 and is now due on demand and carries an interest rate of 12% per annum. Interest expense for the six months ended June 30, 2023 and 2022 totaled $298 and $298, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $1,889 and $1,591, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 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 six months ended June 30, 2023 and 2022 totaled $397 and $160, respectively, resulting in accrued interest at June 30, 2023 and December 31, 2022 of $960 and $563, respectively. Principal balance on the note at June 30, 2023 and December 31, 2022 was $10,000.