NOTE 12 – RELATED PARTY TRANSACTIONS

As discussed in Note 6, on August 12, 2024 the Company entered into an unsecured promissory note with its Chief Executive Officer in the principal amount of $4,500. The note bears interest at 20% per annum, matured on February 12, 2025, and remains unpaid as of April 25, 2025. The note is in default and is classified as a related party transaction. As of September 30, 2024 $4,500 in principal and $121 in accrued interest was due to the Chief Executive Officer.

As discussed in Note 7, Officers of the Company have also provided cash advances and paid Company expenses directly to fund operations. Amounts due to related parties totaled $57,978 and $28,958 as of September 30, 2024 and December 31, 2023, respectively. These amounts are unsecured, non-interest bearing, and due on demand.

For the nine months ended September 30, 2024, Company officers advanced $30,187 to the Company and were repaid $1,167 through the use of the Company’s credit card. For the comparable nine months ended September 30, 2023, Company officers advanced $2,751 to the Company and were repaid $21,255 in cash and $2,490 through use of the Company’s credit card.

As of September 30, 2024, Company officers owned approximately 41.7% of the Company’s outstanding common stock. The Company has entered into indemnification agreements with its officers and directors covering certain events arising from their service.