v3.22.1
Notes Payable to Officers
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 8 – Notes Payable to Officers

 

Notes payable as of December 31, 2021, and December 31, 2020, consists of the following:

 

Description

  

December 31,

2021

    

December 31,

2020

  

Notes payable – Prior Director bearing interest at 12% per annum, unsecured, demand notes.

   $ 60,000     $ 60,000  

Note payable – President bearing interest at 12% per annum, unsecured, demand note.

     339,521       251,340  

Total

   $ 399,521     $ 311,340  

 

The first note in the amount of $60,000 provides for interest at 12% per annum and is unsecured. This note resulted in an interest charge of $50,465 accrued and unpaid on December 31, 2021, and $43,263 on December 31, 2020.

 

The second note has a current balance of $339,521 as of December 31, 2021. The note is a secured demand note and bears interest at 12% per annum. This note resulted in an interest charge of $83,258 accrued and unpaid on December 31, 2021, and $53,117 on December 31, 2020. The Note was converted to a secured note on April 1, 2021, covering all assets of the Company.

 

The combined total funds due to Officers and related parties totaled $533,244 with principal and interest on December 31, 2021.