v3.26.1
NOTE 6 - NOTES PAYABLE, IN DEFAULT
 3 Months Ended
Mar. 31, 2026
Notes  
NOTE 6 - NOTES PAYABLE, IN DEFAULT

NOTE 6 – NOTES PAYABLE, IN DEFAULT

 

Notes payable is comprised of the following:

 

March 31,

2026

 

December 31, 2025

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

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

 

-

 

 

8,400

Total Notes Payable

$

55,000

 

$

68,400

 

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 March 31, 2026 all outstanding notes were in default.

 

Interest expense related to notes payable was $1,788 and $2,953 for the three months ended March 31, 2026 and 2025, respectively. Accrued interest was $16,315 and $19,117 as of March 31, 2026 and December 31, 2025, respectively.