Promissory Note Payable

6 Months Ended

Jun. 30, 2023

Promissory Note Payable

Promissory Note Payable

Note 4. Promissory Note Payable

During the year ended December 31, 2022, the Company had entered into a $100,000 promissory note and had a principal balance of $9,136 and accrued interest of $0 as of December 31, 2022. The note accrued interest at 1% and requires monthly payments of $9,136 until the balance was paid in full.

During the six months ended June 30, 2023, the Company paid the remaining principal balance of $9,136.  As of June 30, 2023, the principal balance and accrued interest was $0.

During the six months ended June 30, 2023, $10,000 of accounts payable and accrued liabilities were paid on behalf of the Company.   The Company entered into a note payable for the $10,000 payment.  The note payable has an interest rate of 5% and has a maturity date of December 31, 2023.

Interest expense on the above loans was $125 and $0 during the three months ended June 30, 2023 and 2022, respectively. Interest expense was $250 and $0 during the six months ended June 30, 2023 and 2022, respectively. Accrued interest as of June 30, 2023 and December 31, 2022 was $250 and $0, respectively.