RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 3 ‑ RELATED PARTY TRANSACTIONS

Management Compensation - For the years ended December 2024 and 2023, the Company did not pay any compensation to its officers and directors.

Office Space – 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 $6,000 and $6,000 during the years ended December 31, 2024 and 2023, respectively, 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 year ended December 31, 2024, the Company paid $19,000, resulting in $1,500 payable at December 31, 2024.

Notes Payable – On December 12, 2017, the Company borrowed $107,000 from its President pursuant to an unsecured promissory note.  On various dates since then, the officer advanced the Company additional money, including $37,955 and $22,150 during the years ended December 31, 2024 and 2023, respectively, resulting in total note balances of $242,439 and $204,484 at December 31, 2024 and 2023, respectively.  The cumulative note balance is uncollateralized, due on demand, and accrues interest at 12% per annum. Interest expense on the note for the years ended December 31, 2024 and 2023 was $26,624 and $23,197, respectively. The Company paid $85,000 of accrued interest during the year ended December 31, 2024, resulting in accrued interest totaling $14,874 and $73,250 at December 31, 2024 and December 31, 2023, respectively.

Notes Payable - 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 years ended December 31, 2024 and 2023 was $4,325 and $4,325, respectively, resulting in accrued interest of $29,481 and $25,156 at December 31, 2024 and 2023, respectively.  Principal balance on the note at December 31, 2024 and 2023 was $43,250.