NOTE 6 - NOTES PAYABLE - RELATED PARTY |
9 Months Ended |
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Sep. 30, 2024 | |
| Notes | |
| NOTE 6 - NOTES PAYABLE - RELATED PARTY | NOTE 6 – NOTES PAYABLE – RELATED PARTY
On August 12, 2024, the Company entered into an unsecured promissory note with the Company’s Chief Executive Officer in the principal amount of $4,500. The note bears interest at a rate of 20% per annum, calculated based on the actual number of days elapsed over a 365-day year. All unpaid principal and accrued but unpaid interest was due and payable in full on February 12, 2025. The note provides for acceleration of payment upon the occurrence of customary events of default, including the Company’s failure to pay amounts due, insolvency, bankruptcy, or a change of control, as defined in the note. Because the note was issued to the Company’s Chief Executive Officer, it is classified as a related party transaction under applicable accounting standards. See Note 12.
Interest expense related to this note was $121 for the three months ended September 30, 2024 and accrued interest was $121 as of September 30, 2024. As of April 25, 2025, the date of this report, the note matured on February 12, 2025, and remains unpaid. Accordingly, the note is in default.
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