v3.25.1
PROMISSORY NOTES
 3 Months Ended
Mar. 31, 2025
PROMISSORY NOTES  
PROMISSORY NOTES

NOTE 4 –PROMISSORY NOTES

 

Promissory notes payable as of March 31, 2025 and December 31, 2024 consists of the following:

 

March 31, 2025

 

 

December 31, 2024

 

 

46,000

 

 

$46,000

 

 

5,000

 

 

 

5,000

 

 

5,000

 

 

 

5,000

 

 

28,500

 

 

 

28,500

 

 

9,667

 

 

 

9,667

 

 

12,439

 

 

 

12,439

 

 

4,495

 

 

 

4,495

 

 

3,000

 

 

 

3,000

 

 

8,670

 

 

 

8,670

 

 

3,000

 

 

 

3,000

 

 

5,565

 

 

 

5,565

 

 

6,500

 

 

 

6,500

 

 

20,000

 

 

 

20,000

 

 

3,045

 

 

 

3,045

 

 

2,230

 

 

 

2,230

 

 

2,500

 

 

 

2,500

 

 

4,500

 

 

 

4,500

 

 

13,005

 

 

 

13,005

 

 

5,923

 

 

 

5,923

 

 

5,000

 

 

 

-

 

 

5,000

 

 

 

-

 

 

4,000

 

 

 

-

 

 

10,000

 

 

 

-

 

 

4,155

 

 

 

 

 

217,194

 

 

$189,039

 

The Company has issued various promissory notes amounting to $48,167 for general operating purposes. The notes carry a various interest rates ranging from 8 -15% and are due on demand.

 

The Company received approval from the U.S. Small Business Administration to fund the Company’s request for a loan under the SBA’s Economic Injury Disaster Loan Program (EDIL loan). In connection with the EDIL Loan, the Company has entered into the promissory note in principal amount of $46,000. The EDIL Loan is scheduled to mature on March 2052, has a 3.75% interest rate, and is subject to the terms and conditions applicable to all loans made pursuant to the EDIL loans as administered by the SBA.

 

During the three months ended March 31, 2025, the Company issued various promissory notes amounting to $28,155 for general operating purposes. The notes carry a interest rate of 10% and are due on demand. As of March 31, 2025 and December 31, 2024, the Company had notes due to this noteholder amounting to $123,027 and $94,872, respectively.

 

During the three months ended March 31, 2025 and 2024, the Company recorded interest expense of $4,883 and $3,457, respectively.