LOANS PAYABLE |
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| LOANS PAYABLE | NOTE 6 – LOANS PAYABLE
The components of loans payable as of December 31,2025 and December 31,2024 were as follows:
On December 26,2023, the Company entered into a promissory note agreement with an investor for the principal amount of $100,000 and original issue discount (OID) of $25,000, received the amount of $75,000 in cash, interest free with maturity date of April 18, 2024. The debt discount is being amortized over the life of the note using the effective interest method
During the years ended December 31,2025 and 2024, the Company borrowed $49,000 and $104,000 and repaid $0 and $0, respectively.
As of December 31,2025, and 2024, eight loans with unpaid balance of $199,350 and seven loans with unpaid balance of $203,000 are in default and the Company recorded applicable 5% penalty of $3,678 and $3,688, respectively.
On December 26,2023, the Company entered into a promissory note agreement with an investor for the principal amount of $100,000 and original issue discount (OID) of $25,000, received the amount of $75,000 in cash, interest free with maturity date of April 18, 2024. The debt discount is being amortized over the life of the note using the effective interest method. On August 15,2024, the Company entered into a promissory note agreement with an investor for the principal amount of $101,000, received the amount of $101,000 in cash, with interest of 5% per annum and maturity date of January 15, 2025. In the event that the Company fails to make payment by due date, the lender will have the right to foreclose on two assets known as “the two Duffys” which together have value of $37,000. If foreclosure occurs, the reaming balance of $64,000 must be paid by January 15,2025.
On December 15,2025, the Company entered into a settlement and release agreement with one noteholder with outstanding balance of $100,000. The noteholder discharges and forgives the debt for interest of the Company and its shareholders. Due to fact, the noteholder is the Company’s shareholder, the forgiveness amount of $100,000 was recognized in paid -in additional capital.
During the years ended December 31,2025 and 2024, the Company recorded interest of $12,898 and $9,297 amortization of debt discounts of $0 and $23,904 respectively.
As of December 31,2025, and December 31,2024, the Company had loans payable of $434,500 and $526,150, accrued interest of $36,280 and $23,382 and amortization debt discount of $0 and $23,904, respectively. |
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