v3.25.2
LOANS PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 6 – LOANS PAYABLE

 

The components of loans payable as of June 30, 2025, and December 31, 2024, were as follows:

 

Payment date  Principal Amount   Maturity date  Interest
rate		   June 30,
2025		   December 31,
2024		 
January 19, 2022  $12,500   January 19, 2023   7%  $12,500   $12,500 
March 7, 2022  $3,000   March 7, 2023   7%   3,000    3,000 
October 13, 2022  $25,000   October 13, 2023   7%   12,500    12,500 
January 31, 2023  $100,000   Due on demand   0%   100,000    100,000 
February 9, 2023  $10,000   Due on demand   0%   10,000    10,000 
March 1, 2023  $50,000   Due on demand   0%   50,000    50,000 
April 5, 2023  $25,000   August 3, 2023   15% fixed    25,000    25,000 
May 19, 2023  $4,000   Due on demand   0%   4,000    4,000 
June 20, 2023  $40,000   September 18, 2023   12% fixed    40,000    40,000 
July 12, 2023  $4,150   Due on demand   0%   4,150    4,150 
July 17, 2023  $50,000   Due on demand   0%   50,000    50,000 
October 6, 2023  $10,000   October 6, 2024   7%   10,000    10,000 
December 6, 2023  $1,000   Due on demand   0%   2,000    2,000 
December 26, 2023  $100,000   April 18, 2024   0%   100,000    100,000 
February 9,2024  $1,000   Due on demand   0%   1,000    1,000 
July 17, 2024  $37,000   January 15, 2025   5%   37,000    37,000 
August 14, 2024  $64,000   January 15, 2025   5%   64,000    64,000 
December 30, 2024  $1,000   Due on demand   0%   -    1,000 
Total loans payable               $525,150   $526,150 
Less: Current portion                525,150    526,150 
Long-term portion               $-   $- 

 

On December 26, 2023, the Company entered into a promissory note agreement with an investor for the principal amount of $100,000, received the amount of $75,000 in cash, non-secured, free interest with maturity date of April 18, 2024. The Company recognized a debt discount of $25,000. The debt discount is being amortized over the life of the note using the effective interest method.

 

 

During the six months ended June 30, 2025, and 2024, the Company borrowed $35,000 and $2,000 non-secured loans, free interest for a short period of one month and due on demand, repaid loans of $36,000 and $0, respectively.

 

As of June 30, 2025, and December 31, 2024, nine (9) and seven (7) loans with unpaid balance of $304.000and $203,000 are in default, respectively.

 

During the six months ended June 30, 2025, and 2024, the Company recognized interest and default penalty of $6,081 and $3,596 and amortization debt discount of $0 and $23,904, respectively.

 

As of June 30, 2025, and December 31, 2024, the Company had loans payable of $525,150 and $526,150, accrued interest of $29,463 and $23,382, respectively.