NOTE 7 - NOTES PAYABLE, IN DEFAULT |
6 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||
| Notes | |||||||||||||||||||||||||||||||
| NOTE 7 - NOTES PAYABLE, IN DEFAULT | NOTE 7 – NOTES PAYABLE, IN DEFAULT
Notes payable is comprised of the following:
One promissory note entered into in 2021 with an unaffiliated individual has a principal balance of $50,000 and is senior in priority to other indebtedness of the Company. The Company’s Chief Executive Officer personally and unconditionally guaranteed repayment of this note.
During the six months ended June 30, 2026 the Company paid off three notes totaling $18,400 in principal and $6,626 in accrued interest and recognized a gain on settlement of $104.
As of June 30, 2026 the remaining outstanding note is in default. Interest expense related to notes payable was $2,640 and $4,618 for the six months ended June 30, 2026 and 2025, respectively. Interest expense was $852 and $1,666 for the three months ended June 30, 2026 and 2025, respectively. Accrued interest was $15,131 and $19,117 as of June 30, 2026 and December 31, 2025, respectively. |