PROMISSORY NOTES PAYABLE |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| PROMISSORY NOTES PAYABLE | NOTE 5 - PROMISSORY NOTES PAYABLE
In March 2014, the Company issued two promissory notes for a total of $230,000. The interest rate is the short-term applicable federal rate as determined by the Internal Revenue Service for the calendar month plus 10%. As of June 30, 2025, the balance on the note was $204,300.
On November 29, 2022, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $100,000.
On February 20, 2024, Global Election Services, Inc. entered into a revenue share agreement with a non-affiliate investor for a total of $41,972 on the purchase amount of $28,000 and OID of $13,972. There is no interest rate, but the Company will disburse 11 weekly payments of $3,816 to Note Holder. As of June 30, 2024, the Loan has been paid off.
On April 25, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $63,750. The Company will repay the Loan in weekly payments of $3,794.65. As of August 29, 2024, the loan has been paid off.
On June 13, 2024, Global Election Services, Inc. issued a convertible promissory note to a non-affiliate investor for $75,000 as part of a 90-day 10% coupon secured loan, convertible at an $8 million valuation. The maturity date was October 15, 2025. As of June 30, 2025, the balance on the note was $75,000.
On July 29, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $67,500. The company will repay the Loan in weekly payments of $2,935. As of February 6, 2025, the loan has been paid off.
On August 13, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for $57,200. The company will repay the Loan in weekly payments of $2,119. As of February 25, 2025, the loan has been paid off.
On November 21, 2024, Global Election Services, Inc. entered into a Loan agreement with a non-affiliate investor for the amount of $71,250. The company will repay the Loan in weekly payments of $2,850. The loan has been paid off as of June 30, 2025.
On June 4, 2025, the Company issued a non-interest-bearing promissory note in favor of a non-affiliate investor in the principal amount of $87,000. Pursuant to the terms of the promissory note, the Company agreed to make 28 weekly payments in the amount of $3,107 to the investor. There is no pre-payment penalty. As of June 30, 2025, the outstanding principal balance of the promissory note was $77,679.
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