NOTE 2 - RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

Notes

NOTE 2 - RELATED PARTY TRANSACTIONS

NOTE 2 - RELATED PARTY TRANSACTIONS

Management Compensation - During the three months ended March 31, 2024 and 2023, the Company did not pay any compensation to its officers and directors.

Beginning August 2017, the Company entered into an oral agreement to pay the Company’s President $500 per month as payment for use of his personal residence as the Company’s office and mailing address.  The Company has recorded rent expense of $1,500 during each of the three months ended March 31, 2024 and 2023, which is included in the general and administrative expenses on the statements of operations, of which $16,000 and $14,500 remains payable at March 31, 2024 and December 31, 2023, respectively.    

On March 8, 2018, the Company entered into a promissory note with a newly-affiliated party in the amount of $43,250. The note is payable on demand and carries interest at 10% per annum. Interest expense for the three months ended March 31, 2024 and 2023 was $1,075 and $1,066, respectively, resulting in accrued interest of $26,231 and $25,156 at March 31, 2024 and December 31, 2023, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 was $43,250.  

On December 12, 2017, the Company entered into a promissory note with its President in the amount of $107,000.  On various dates from the origin of the note through December 31, 2023, the officer advanced the Company an additional $118,170, and the Company made payments of $20,686, resulting in the total note principal balance of $204,484 at December 31, 2023.  During the three months ended March 31, 2024 and 2023, the Company received an additional $5,850 and $3,000, respectively, and did not make any repayments of the principal balance resulting in the total note principal balance of $210,334 at March 31, 2024.  The cumulative note balance is uncollateralized, due on demand, and carries interest at 12% per annum. Interest expense on the note for the three months ended March 31, 2024 and 2023 was $6,186 and $5,414, respectively, of which the Company repaid $-0- during the three months ended March 31, 2024, resulting in accrued interest totaling $79,436 and $73,250 at March 31, 2024 and December 31, 2023, respectively.