NOTE 5 -RELATED PARTY LOANS AND OTHER TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Notes

NOTE 5 -RELATED PARTY LOANS AND OTHER TRANSACTIONS

NOTE 5 –RELATED PARTY LOANS AND OTHER TRANSACTIONS

During the years ended December 31, 2023 and 2022, officers and directors of the Company made loans to the Company in order to pay for expenses and continue the reporting requirements with the Securities and Exchange Commission.  These loans accrue interest at the rate of 12% per annum, are due on demand and are not convertible into common stock of the Company.

During the years ended December 31, 2023 and 2022, these related parties loaned a total of $36,300 and $19,450, respectively, to the Company.  Also, during the years ended December 31, 2023 and 2022, the loans incurred interest expense totaling $30,535 and $26,991, respectively, and interest in the amount of $-0- and $9,000, respectively, was paid.  As of December 31, 2023 and 2022, the balance due to these related parties for these loans was principal of $271,675 and $235,375, respectively, and accrued interest of $110,338 and $79,803, respectively.

Beginning August 2017, the Company entered into an oral agreement to pay the Company’s president $500 per month as payment for use of his personal residence as the Company’s office and mailing address.  The Company has recorded rent expense of $6,000 during each of the years ended December 31, 2023 and 2022 which is included in the selling, general and administrative expenses on the statements of operations. During the years ended December 31, 2023 and 2022 the Company paid $7,000 and $5,000 respectively. The amounts payable as of December 31, 2023 and 2022 were $9,500 and $10,500 respectively.

In March 2014, the Company issued a $40,000 convertible promissory note to an officer and director of the Company and a $15,000 convertible promissory note to another affiliated shareholder (the “Convertible Notes”). On October 11, 2022 this unaffiliated individual was appointed as a director of the Company. The Convertible Notes had a term of one year expiring March 2015, and are now payable on demand, and accrue interest at the rate of 12% per annum. The holders of the Convertible Notes, may, at their option, convert all or any portion of the outstanding principal balance of, and all accrued interest on the Convertible Notes into shares of the Company’s common stock, par value $0.001 per share, at a conversion rate of $1.00 per share. For the years ended December 31, 2023 and 2022 additional interest accrued on these Notes in the amount of $6,600 and $6,600, respectively.  During the year ended December 31, 2019, $10,000 of accrued interest was converted into 5,000 shares of Preferred Stock.  No principal has been paid on these Notes.  As of December 31, 2023

and 2022, the balance due to these related parties for these Notes was principal of $55,000, and accrued interest of $54,481 and $47,881, respectively. (See Note 7)

On August 24, 2022, the Company issued 300,000 shares of Preferred Series A stock to directors of the Company for review of potential business opportunities.

On August 24, 2022, the Company issued 50,000 shares of Preferred Series A stock to an unaffiliated individual for review of potential business opportunities.  On October 11, 2022 this unaffiliated individual was appointed as a director of the Company.