RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 2 ‑ RELATED PARTY TRANSACTIONS

Management Compensation - During the six months ended June 30, 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 $3,000 during each of the six months ended June 30, 2024 and 2023, which is included in the general and administrative expenses on the statements of operations. The amount payable at December 31, 2023 was $14,500. During the six months ended June 30, 2024, the Company paid 15,000, resulting in $2,500 payable at June 30, 2024.   

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 six months ended June 30, 2024 and 2023 was $2,151 and $2,145, respectively, resulting in accrued interest of $27,307 and $25,156 at June 30, 2024 and December 31, 2023, respectively. Principal balance on the note at June 30, 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 six months ended June 30, 2024 and 2023, the Company received an additional $18,950 and $12,600, respectively, and did not make any repayments of the principal balance resulting in the total note principal balance of $223,434 at June 30, 2024.  The cumulative note balance is uncollateralized, due on demand, and carries interest at 12% per annum. Interest expense on the note for the six months ended June 30, 2024 and 2023 was $12,711 and $11,148, respectively, of which the Company repaid $5,000 during the six months ended June 30, 2024, resulting in accrued interest totaling $80,961 and $73,250 at June 30, 2024 and December 31, 2023, respectively.