v3.26.1
NOTE 6 - NOTES PAYABLE, IN DEFAULT
 12 Months Ended
Dec. 31, 2025
Notes  
NOTE 6 - NOTES PAYABLE, IN DEFAULT

NOTE 6 – NOTES PAYABLE, IN DEFAULT

Notes payable is comprised of the following:

 

December 31,

2025

 

2024

Loan agreement with an unaffiliated individual, interest at 6% per annum, due December 16, 2021. In default.

$

50,000

 

$

50,000

Note payable to unaffiliated individual, interest at 20% per annum, due October 26, 2024. In default.

 

5,000

 

 

5,000

Note payable to unaffiliated individual, interest at 20% per annum, due October 26, 2024. In default.

 

5,000

 

 

5,000

Note payable to unaffiliated individual, interest at 12% per annum, due January 2, 2025. (1)

 

-

 

 

11,667

Note payable to unaffiliated individual, interest at 20% per annum, due February 9, 2025. (1)

 

-

 

 

5,500

Note payable to unaffiliated individual, interest at 20% per annum, due March 30, 2025. In default

 

8,400

 

 

8,400

Total Notes Payable

$

68,400

 

$

85,567

(1)Note payable converted into a Series 2025 Note. See Note 5.  

One promissory note entered into in 2021 with an unaffiliated individual has a principal balance of $50,000 and is senior in priority to other indebtedness of the Company. The Company’s Chief Executive Officer personally and unconditionally guaranteed repayment of this note.

As of December 31, 2025 all outstanding notes were in default.

The weighted average interest rate of notes payable with a term of 1 year or less (including related party notes and convertible notes payable) is 12.4%.

Interest expense related to notes payable was $7,986 and $5,993 for the years ended December 31, 2025 and 2024, respectively. Accrued interest totaled $19,117 and $13,569 as of December 31, 2025 and 2024, respectively.