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NOTES PAYABLE
6 Months Ended
Jun. 30, 2024
NOTES PAYABLE  
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, 2024 and 2023 totaled $1,392 and $1,388, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $22,534 and $21,142, respectively. Principal balance due on the note at June 30, 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 six months ended June 30, 2024 and 2023 totaled $597 and $595, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $6,304 and $5,707, respectively. Principal balance on the note at June 30, 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 six months ended June 30, 2024 and 2023 totaled $1,193 and $1,190, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $12,608 and $11,415, respectively. Principal balance on the note at June 30, 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 six months ended June 30, 2024 and 2023 totaled $1,790 and $1,785, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $18,912 and $17,122, respectively. Principal balance on the note at June 30, 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, 2022, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the six months ended June 30, 2024 and 2023 totaled $2,984 and $2,975, respectively, resulting in accrued interest at June 30, 2024and December 31, 2023 of $31,521 and $28,537, respectively. Principal balance on the note at June 30, 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, 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, 2024 and 2023 totaled $298 and $298, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $2,490 and $2,191, respectively. Principal balance on the note at June 30, 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 was due on April 18, 2023 and is now due on demand and carries an interest rate of 8% per annum. Interest expense for the six months ended June 30, 2024 and 2023 totaled $398 and $397, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $1,761 and $1,363, respectively. Principal balance on the note at June 30, 2024 and December 31, 2023 was $10,000.

 

On May 9, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on May 9, 2025 and carries an interest rate of 10% per annum. Interest expense for the six months ended June 30, 2024 and 2023 totaled $142 and $-0-, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $142 and $-0-, respectively. Principal balance on the note at June 30, 2024 and December 31, 2023 was $10,000.

 

On June 21, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on June 21, 2025 and carries an interest rate of 10% per annum. Interest expense for the six months ended June 30, 2024 and 2023 totaled $25 and $-0-, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $25 and $-0-, respectively. Principal balance on the note at June 30, 2024 and December 31, 2023 was $10,000.

 

On June 25, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on June 25, 2025 and carries an interest rate of 10% per annum. Interest expense for the six months ended June 30, 2024 and 2023 totaled $14 and $-0-, respectively, resulting in accrued interest at June 30, 2024 and December 31, 2023 of $14 and $-0-, respectively. Principal balance on the note at June 30, 2024 and December 31, 2023 was $10,000.