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NOTE 3 - NOTES PAYABLE
3 Months Ended
Mar. 31, 2020
Notes  
NOTE 3 - 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 three months ended March 31, 2020 and 2019 totaled $698 and $690, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $10,632 and $9,934, respectively.  Principal balance due on the note at March 31, 2020 and December 31, 2019 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 and is now due on demand.  The Note carries an interest rate of 12% per annum.  Interest expense for the three months ended March 31, 2020 and 2019 totaled $299 and $296, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $1,203 and $904, respectively.  Principal balance on the note at March 31, 2020 and December 31, 2019 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 and is now due on demand.  The Note carries an interest rate of 12% per annum.  Interest expense for the three months ended March 31, 2020 and 2019 totaled $598 and $592, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $2,406 and $1,808, respectively.  Principal balance on the note at March 31, 2020 and December 31, 2019 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 and is now due on demand, and carries an interest rate of 12% per annum.  Interest expense for the three months ended March 31, 2020 and 2019 totaled $898 and $888, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $3,610 and $2,712, respectively.  Principal balance on the note at March 31, 2020 and December 31, 2019 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, 2020 and is now due on demand, and carries an interest rate of 12% per annum.  Interest expense for the three months ended March 31, 2020 and 2019 totaled $1,496 and $1,101, respectively, resulting in accrued interest at March 31, 2020 and December 31, 2019 of $6,017 and $4,521, respectively.  Principal balance on the note at March 31, 2020 and December 31, 2019 was $50,000.