RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 2 ‑ RELATED PARTY TRANSACTIONS

Management Compensation - During the nine months ended September 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 $4,500 during each of the nine months ended September 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 nine months ended September 30, 2024, the Company paid 15,000, resulting in $4,000 payable at September 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 nine months ended September 30, 2024 and 2023 was $3,238 and $3,235, respectively, resulting in accrued interest of $ 28,394 and $25,156 at September 30, 2024 and December 31, 2023, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023, the Company received an additional $23,205 and $16,300, respectively, and did not make any repayments of the principal balance resulting in the total note principal balance of $227,689 at September 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 nine months ended September 30, 2024 and 2023 was $19,540 and $17,111, respectively, of which the Company repaid $20,000 during the nine months ended September 30, 2024, resulting in accrued interest totaling $62,789 and $73,250 at September 30, 2024 and December 31, 2023, respectively.