v3.26.1
NOTE 4 - RELATED PARTY
6 Months Ended
Jun. 30, 2026
Notes  
NOTE 4 - RELATED PARTY

NOTE 4 – RELATED PARTY

 

For the months ending June 30, 2026 and the year ended December 31, 2025, the Company had expenses totaling $0 and $0 respectively, to an officer and director for salaries, which is included in general and administrative expenses on the accompanying consolidated statement of operations.

 

Note

 

Issuance Date

 

Maturity Date

 

Interest

Rate

 

Original

Principal

Amount

 

Balance at

June 30,

2026

 

Balance at

December 31,

2025

Unsecured debt A

 

March 2019, March and June 2020

 

No due date

 

0%

$

 866

$

 666

$

  666

Unsecured debt I

 

January 1, 2024

 

June 1, 2025

 

15%

$

 84,965

$

 177,500

$

  177,500

Unsecured debt L

 

November 14, 2024

 

November 13, 2027

 

15%

$

 220,000

$

 124,609

$

  156,169

Unsecured debt N

 

July 21, 2025

 

July 20, 2026

 

12%

$

 325,000

$

 357,500

$

  341,250

Unsecured debt O

 

July 31, 2025

 

January 31, 2026

 

12%

$

 75,000

$

 82,500

$

  82,500

Unsecured debt P

 

December 13, 2025

 

December 12, 2026

 

7.49%

$

 75,000

$

 72,979

$

  75,000

Unsecured debt Q

 

May 15, 2026

 

No due date

 

0%

$

 5,400,000

$

 5,400,000

$

  -

Unsecured debt R

 

May 15, 2026

 

No due date

 

0%

$

 17,682

$

 17,682

$

  -

Unsecured debt S

 

May 28, 2026

 

May 27, 2027

 

10%

$

 100,000

$

 101,666

$

  -

Total notes payable

 

 

 

 

 

 

$

 6,298,513

$

 6,335,102

$

  833,085

Debt discount and deferred financing costs

 

 

 

 -

 

 -

 

 -

Total notes payable, net

 

 

$

 6,298,513

$

 6,335,102

$

  833,085

 

Unsecured debt A: On March 2, 2020, the Company received an unsecured loan of $200 from a shareholder. Additionally, during in March and June 2019, the Company received an additional loan of $666 from another shareholder. Both of these notes are unsecured and do not have a payment due date at an interest rate of 0.00%. During the fourth quarter 2024, the Company made a payment of $200 towards part of this unsecured loan. As of June 30, 2026, the outstanding principal balance of unsecured debt A totaled $666.

 

Unsecured debt I: On January 1, 2024, the Company agreed and signed a new unsecured line of credit in the principal of up to $180,000. The net proceeds from this line of credit were $82,000. The loan is unsecured and was due for repayment on June 30, 2025. Interest will accrue at an interest rate of 15% per annum on any unpaid principal amount. The holder of the note can declare all or any portion of the unpaid balance, with all accrued interest, immediately due and payable. As of June 30, 2026, the outstanding principal balance of unsecured debt totaled $177,500.

 

Unsecured debt L: On November 14, 2024, the Company received an unsecured loan in the principal of $220,000 with a loan origination fee in the amount of $22,000, which will be amortized over the life of the loan as interest expense. The net proceeds from this loan were $220,000. The loan is unsecured and the initial payment of $8,667 was due on January 24, 2025. There were two months of no payments and then interest started accruing. Once the payments started there are a total of 34 monthly payments due on the 24th day of each following month, ending October 24, 2027. As of June 30, 2026, the outstanding principal balance of unsecured debt L totaled $124,609.

 

Unsecured debt N: On July 21, 2025, the Company received an unsecured loan in the principal of $325,000 with a loan origination fee in the amount of $32,500, which will be amortized over the life of the loan as interest expense. The net proceeds from this loan were $325,000. The loan is unsecured and is due for repayment on July 20, 2026.

Interest will accrue at an interest rate of 12% per annum on any unpaid principal amount. If the Company defaults on the loan, the holder of the note can declare all or any portion of the unpaid balance with all accrued interest immediately due and payable. As of June 30, 2026, the outstanding principal balance of unsecured debt N totaled $357,500.

 

Unsecured debt O: On July 31, 2025, the Company received an unsecured loan in the principal of $75,000 with a loan origination fee in the amount of $7,500, which will be amortized over the life of the loan as interest expense. The net proceeds from this loan were $75,000. The loan is unsecured and is due for repayment on January 31, 2026. Interest will accrue at an interest rate of 12% per annum on any unpaid principal amount. If the Company defaults on the loan, the holder of the note can declare all or any portion of the unpaid balance with all accrued interest immediately due and payable. As of June 30, 2026, the outstanding principal balance of unsecured debt O totaled $82,500.

 

Unsecured debt P: On December 13, 2025, the Company received an unsecured loan in the principal of $75,000.  The loan is unsecured and is due for repayment on December 12, 2026.  Interest will accrue at an interest rate of 7.49% per annum on any unpaid principal amount.  As of June 30, 2026, the outstanding principal balance of unsecured debt P totaled $72,979.

 

Unsecured debt Q: On May 15, 2026, Donald Swanson agreed to loan 3,000,000 shares of common stock back to the company to acquire Adli Gummies, Inc.  The board of directors agreed to reissue these shares at a later date in the future.  The value of the shares was valued at $5,400,000.  As of June 30, 2026, the outstanding principal balance of unsecured debt Q totaled $5,400,000.

 

Unsecured debt R: On May 15, 2026, the Company assumed a prior shareholders note as part of the Adli Gummies, Inc. acquisition.  This note is unsecured and do not have a payment due date at an interest rate of 0.00%.  As of June 30, 2026, the outstanding principal balance of unsecured debt R totaled $17,682.

 

Unsecured debt S: On May 28, 2026, the Company received an unsecured loan in the principal of $100,000 with a loan origination fee in the amount of $10,000, which will be amortized over the life of the loan as interest expense. The net proceeds from this loan were $100,000. The loan is unsecured and is due for repayment on May 27, 2027. Interest will accrue at an interest rate of 10% per annum on any unpaid principal amount. If the Company defaults on the loan, the holder of the note can declare all or any portion of the unpaid balance with all accrued interest immediately due and payable. As of June 30, 2026, the outstanding principal balance of unsecured debt R totaled $101,666.