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Notes Payable, Related Parties
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Notes Payable, Related Parties

Note 5: Notes Payable, Related Parties

 

Promissory notes dated November 6, 2016 with a principal amount of $13,516 are due and bear interest of 5% and are payable on demand. Accrued interest to September 30, 2023 on these notes is $5,298.

 

In 2017 compensation was due to members of the executive management team in the amount of $312,000. In support of the growth of the Company, those executive team members agreed to defer receipt of payment by converting into loans that bear interest of 4%. $60,000 principal and accrued interest of $14,466 remains.

 

During 2021, a related party loaned the Company, on a short-term basis, $21,903. This amount was fully repaid in Q1, 2022. This related party will, from time to time, as necessary, lend the Company money on a short-term basis without charging interest. At December 31, 2022, the Company owed this party $10,081. This amount has been repaid during Q2 and the balance owing as of September 30, 2023 is nil.