NOTE 6 - NOTES PAYABLE

3 Months Ended

Mar. 31, 2024

Notes

NOTE 6 - 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, 2024 and 2023 totaled $696 and $690, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $21,838 and $21,142, respectively. Principal balance due on the note at March 31, 2024 and December 31, 2023 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, 2024 and 2023 totaled $298 and $296, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $6,006 and $5,707, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 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, 2024 and 2023 totaled $597 and $592, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $12,012 and $11,415, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 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, 2024 and 2023 totaled $895 and $888, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $18,017 and $17,122, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 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 three months ended March 31, 2024 and 2023 totaled $1,492 and $1,479, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $30,029 and $28,537, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 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, 2024 and 2023 totaled $149 and $148, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $2,340 and $2,191, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 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 three months ended March 31, 2024 and 2023 totaled $199 and $197, respectively, resulting in accrued interest at March 31, 2024 and December 31, 2023 of $1,532 and $1,363, respectively. Principal balance on the note at March 31, 2024 and December 31, 2023 was $10,000.