XML 18 R9.htm IDEA: XBRL DOCUMENT v3.24.3
NOTES PAYABLE
9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 totaled $2,096 and $2,094, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $23,238 and $21,142, respectively. Principal balance due on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $898 and $898, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $6,606 and $5,707, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $1,797 and $1,795, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $13,212 and $11,415, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $2,695 and $2,693, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $19,817 and $17,122, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $4,492 and $4,488, respectively, resulting in accrued interest at September 30, 2024and December 31, 2023 of $33,029 and $28,537, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $449 and $449, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $2,640 and $2,191, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $599 and $598, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $1,962 and $1,363, respectively. Principal balance on the note at September 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 nine months ended September 30, 2024 and 2023 totaled $395 and $-0-, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $395 and $-0-, respectively. Principal balance on the note at September 30, 2024 and December 31, 2023 was $10,000 and $-0-, respectively.

 

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 nine months ended September 30, 2024 and 2023 totaled $277 and $-0-, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $277 and $-0-, respectively. Principal balance on the note at September 30, 2024 and December 31, 2023 was $10,000 and $-0-, respectively.

 

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 nine months ended September 30, 2024 and 2023 totaled $267 and $-0-, respectively, resulting in accrued interest at September 30, 2024 and December 31, 2023 of $267 and $-0-, respectively. Principal balance on the note at September 30, 2024 and December 31, 2023 was $10,000 and $-0-, respectively.