SHAREHOLDERS’ NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| SHAREHOLDERS’ NOTES PAYABLE | NOTE G – SHAREHOLDERS’ NOTES PAYABLE
During 2021, the Company borrowed an aggregate of $74,000 from several stockholders pursuant to note agreements bearing interest at 8% per annum and maturing December 31, 2022. The Company has informally extended the maturity date to December 31, 2026 under the same terms. At December 31, 2025 and 2024, $49,000 remained outstanding. Interest expense amounted to $3,840 for each of the years ended December 31, 2025 and 2024. The accrued interest payable at December 31, 2025 and 2024 was $19,279 and $15,439, respectively.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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