XML 20 R10.htm IDEA: XBRL DOCUMENT v3.23.3
NOTE PAYABLE
6 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 5 – NOTE PAYABLE

 

In December 2014, we entered into a note payable for $63,357 which bears an interest rate of 6% per year as a settlement for previously due amounts recorded in accounts payable. The Company paid $10,000 to reduce the amount of the note. The amount of principal and interest as of September 30, 2023 is $93,794. The principal and interest are due on September 15, 2016. The note payable is currently in default.

 

On May 3, 2020, we entered into a loan borrowed $29,332 from Bank of America (“Lender”), pursuant to a Promissory Note issued by Company to Lender (the “PPP Note”). The loan was made pursuant to the Payroll Protection Program established as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Note bears interest at 1.00% per annum, payable monthly beginning December 3, 2020, and is due on May 3, 2022. The PPP Note may be repaid at any time without penalty. The PPP Note contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the promissory note. The occurrence of an event of default may result in a claim for the immediate repayment of all amounts outstanding under the PPP Note. We repaid $10,000 in August 2020. As of September 30, 2023, the principal and interest of the PPP Note is $9,907. The Company plans to pay off this loan balance in the next year.

 

On June 13, 2020, we entered into a note with the US Small Business Administration for a loan amount of $12,900 and an annual interest rate of 3.75% which is due in 30 years. As of September 30, 2023, the principal and interest of the note is $13,801.