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NOTE 3 - NOTES PAYABLE
6 Months Ended
Jun. 30, 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 six months ended June 30, 2020 and 2019 totaled $1,396 and $1,388, respectively, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $11,330 and $9,934, respectively.  Principal balance due on the note at June 30, 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 and carries an interest rate of 12% per annum.  Interest expense for the six months ended June 30, 2020 and 2019 totaled $598 and $595, respectively, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $1,502 and $904, respectively.  Principal balance on the note at June 30, 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 and carries an interest rate of 12% per annum.  Interest expense for the six months ended June 30, 2020 and 2019 totaled $1,197 and $1,190, respectively, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $3,005 and $1,808, respectively.  Principal balance on the note at June 30, 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 six months ended June 30, 2020 and 2019 totaled $1,795 and $1,785, respectively, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $4,507 and $2,712, respectively.  Principal balance on the note at June 30, 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 six months ended June 30, 2020 and 2019 totaled $2,992 and $2,598, respectively, resulting in accrued interest at June 30, 2020 and December 31, 2019 of $7,513 and $4,521, respectively.  Principal balance on the note at June 30, 2020 and December 31, 2019 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 is due on May 1, 2021 and carries an interest rate of 12% per annum.  Interest expense for the six months ended June 30, 2020 totaled $89, resulting in accrued interest at June 30, 2020 of $89.  Principal balance on the note at June 30, 2020 was $5,000.