v3.22.1
Notes Payable to Related Parties
 3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 9 – Notes Payable to Related Parties

 

Notes payable as of March 31, 2022 and December 31, 2021 consists of the following:

 

Description

  

March 31,

2022

    

December 31,

2021

  

Note payable – 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.

     389,935       251,340  

Total

   $ 449,935     $ 311,340  

 

The first note in the amount of $60,000 provides for interest at 12% per annum and is unsecured. This note has unpaid accrued interest of $ and $52,280 at March 31, 2022 and $50,465 at December 31, 2021, respectively.

 

The second note has a current balance of $389,935 as of March 31, 2022. The note is a secured demand note covering all assets of the Company and bears interest at 12% per annum. This note has unpaid accrued interest of $146,232 at March 31, 2022. 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 Directors totaled $648,447 with principal and interest at March 31, 2022.