Notes Payable, Related Parties

12 Months Ended

Dec. 31, 2021

Notes Payable Related Parties

Notes Payable, Related Parties

Note 8 – Notes Payable, Related Parties

Notes payable, related parties consist of the following at December 31, 2021 and December 31, 2020, respectively:

	December 31, 2021		December 31, 2020
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
Over various dates from April 2019 to December 2021, the company received a net amount of $352,700 of advances, bearing interest at 5%, from Nicole Breen.  On October 28, 2019, the company’s vehicles valued at $93,000 were used as a repayment.		309,700		246,200
On November 2, 2021, the company received an unsecured loan in the amount of $300,000, bearing interest at 5%, from Glenn Martin.		300,000		-
		621,700		258,200
Less: Loan fee, net of amortization		25,299		-
Notes payable, related parties	$	596,401	$	258,200

The Company recorded interest expense in the amount of $19,095 and $20,231 for the years ended December 31, 2021 and 2020, respectively, including imputed interest expense in the amount of $16,226 and $18,554 during such periods related to notes payable, related parties.