v3.25.2
CONVERTIBLE NOTE
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE

NOTE 5 – CONVERTIBLE NOTE

 

On February 17, 2021 the Company (Palisades Venture Inc.) and Rechtman entered into a convertible note agreement with Mr. Robert Papiri in the amount of $24,000 and an interest rate of 8% per annum. $4,000 was the remaining balance from an older note Papiri provided and the remaining amount was to provide the company the financial help to complete and pay for the costs associated with the S1 registration. To date Papiri has advanced $39,000 against this note. In the year ended December 31, 2024 and 2023 $22,500 and $2,500 were advanced respectively. The note was revised On March 1, 2023 with a maturity date of June 1, 2025 and an interest rate of 8% per annum.

 

This note can convert to 2,500,000 shares of common stock of Palisades Venture, Inc. with conversion price of $0.0096 per share within 60 days following the filing of the S-1 registration. If Papiri does not convert, the loan is repaid over 18 months with minimum payments of $1,000 per month and a balloon at the end of the period. No payments are due until 60 days after the filing of the registration statement. The interest rate on this note is 8% per annum. Any balance of interest due at the time of conversion may also be converted under the same terms as the capital portion of the note.

 

CONVERTIBLE NOTE AND INTEREST

                   
Robert Papiri  Issuance Date  Date of Revision  Maturity date  Amount   Interest Rate 
                  
Details  February 17, 2021  March 1, 2023  June 1, 2025  $24,000    8% 
Details  July 7, 2024  N/A  January 8, 2025  $5,000    8% 

 

   Note   Interest 
         
Balance as at December 31, 2023  $16,500    4,604 
           
Additions   6,500    – 
           
Repayments   –    – 
           
Interest   –    408 
           
Balance as at March 31, 2024  $23,000   $5,012 
           
Additions   16,000    – 
           
Interest   –    1,709 
           
Balance as at December 31, 2024  $39,000   $6,721 
           
Additions   –    – 
           
Interest   –    1,155 
           
Balance as at March 31, 2025  $39,000   $7,876 

 

INTEREST EXPENSE

            
   Robert Papiri   Corptech
Holdings, Inc.		   TOTAL 
Three Months Ended March 31, 2025  $1,155   $7,125   $8,280 
Three Months Ended March 31, 2024  $408   $7,125   $7,523