NOTE 6 - NOTES PAYABLE

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 totaled $2,800 and $2,800, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $21,142 and $18,342, respectively.  Principal balance on the note at December 31, 2023 and 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 years ended December 31, 2023 and 2022 totaled $1,200 and $1,200, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $5,707 and $4,507, respectively. Principal balance on the note at December 31, 2023 and 2022 was $10,000.  

BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2023 and 2022

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, 2023 and 2022 totaled $2,400 and $2,400, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $11,415 and $9,015, respectively. Principal balance on the note at December 31, 2023 and 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 years ended December 31, 2023 and 2022 totaled $3,600 and $3,600, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $17,122 and $13,522, respectively. Principal balance on the note at December 31, 2023 and 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, 2020, is currently in default, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2023 and 2022 totaled $6,000 and $6,000, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $28,537 and $22,537, respectively. Principal balance on the note at December 31, 2023 and 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, 2021, is currently in default, and carries an interest rate of 12% per annum.  Interest expense for the years ended December 31, 2023 and 2022 totaled $600 and $600, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $2,191 and $1,591.  Principal balance on the note at December 31, 2023 and 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 years ended December 31, 2023 and 2022 totaled $800 and $565, respectively, resulting in accrued interest at December 31, 2023 and 2022 of $1,363 and $565, respectively. Principal balance on the note at December 31, 2023 and 2022 was $10,000.