NOTE 5 – NOTES PAYABLE

In 2021, the Company entered into a loan agreement with an unaffiliated individual (the “Lender”) for borrowings up to $75,000 and received a first advance of $50,000. The loan, which was due nine months after the first advance, remains outstanding and in default as of September 30, 2024. The loan bears interest at a rate of 6% per annum. At the Lender’s sole discretion, the maturity date may be extended. Borrowings under this loan are senior in priority to any other indebtedness of the Company. The Company’s Chief Executive Officer personally and unconditionally guaranteed repayment of the loan.

Interest expense related to this loan was $2,252 and $2,244 for the nine months ended September 30, 2024 and 2023, respectively, and $756 for each of the three months ended September 30, 2024 and 2023, respectively. Accrued interest was $9,888 and $7,636 as of September 30, 2024 and December 31, 2023, respectively.

During the nine months ended September 30, 2024, the Company issued the following unsecured promissory notes to unrelated parties:

Each of the notes bears interest at the stated annual rate, calculated based on the actual number of days elapsed over a 365-day year. All notes are unsecured and provide for acceleration of payment upon the occurrence of customary events of default, including non-payment, insolvency, bankruptcy, or a change of control of the Company. The notes have not been registered under the Securities Act of 1933, as amended, and the holders have represented that they are acquiring the notes for investment purposes only and not with a view to distribution. As of April 25, 2025, the date of this report, the notes are in default.

Interest expense related to these notes was $1,005 and $1,367 for the three and nine months ended September 30, 2024, respectively. Accrued interest was $1,367 as of September 30, 2024.