Notes Payable Related Parties

3 Months Ended

Mar. 31, 2024

Notes Payable Related Parties

Notes Payable, Related Parties

Note 7 – Notes Payable, Related Parties

Notes payable, related parties consist of the following at March 31, 2024 and December 31, 2023, respectively:

	March 31, 2024		December 31, 2023
On April 12, 2010, the Company received an unsecured, non-interest-bearing loan in the amount of $2,000, due on demand from Robert Leitzman. Interest is being imputed at the Company’s estimated borrowing rate, or 10% per annum. The largest aggregate amount outstanding was $2,000 during the periods ended December 31, 2019 and December 31, 2018. Mr. Leitzman owns less than 1% of the Company’s common stock, however, the Mr. Leitzman is deemed to be a related party given the non-interest-bearing nature of the loan and the materiality of the debt at the time of origination.	$	2,000		2,000
Over various dates in 2011 and 2012, the Company received unsecured loans in the aggregate amount of $10,000, due on demand, bearing interest at 10%, from Sandra Orman. The largest aggregate amount outstanding was $10,000 during the periods ended December 31, 2019 and December 31, 2018. Mrs. Orman owns less than 1% of the Company’s common stock, however, Mrs. Orman is deemed to be a related party given the nature of the loan and the materiality of the debt at the time of origination.	$	10,000		10,000

	March 31, 2024		December 31, 2023
On May 2, 2022, the company acquired Hempirical Genetics, LLC with a note payable to the executive officer Jeffrey Miller with no interest. Payments of $10,000 and $60,000 were made toward the note in 2024 and 2023, respectively.	$	135,000	$	145,000
Notes payable, related parties	$	147,000	$	157,000
Less: Loan fee, net of amortization		21,364		23,927
Notes payable, related parties	$	125,637	$	133,073

The Company recorded interest expense in the amount of $599 and $13,106 for the three months ended March 31, 2024 and 2023, respectively, including imputed interest expense in the amount of $300 and $5,942 during such periods related to notes payable, related parties.