Notes Payable – Related Parties |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Related Party Transactions [Abstract] | |
| NOTES PAYABLE – RELATED PARTIES | NOTE 7 – NOTES PAYABLE – RELATED PARTIES
The Company had notes payable to stockholders who are our chief executive officer and chief financial officer. The notes bear interest at 4% per annum and are due on December 31, 2018. One of these notes was paid in full in June 2019 (see below), and the other note was extended to December 31, 2020. The notes payable had an unpaid balance of $167,393 as of September 30, 2021 and December 31, 2020.
The Company borrowed $0 and $0 from stockholders during the nine months ended September 30, 2021 and 2020, respectively.
On June 6, 2019, the President of the Company assumed the debt of a related party note totaling $29,273, of which $25,100 was principal and $4,173 was accrued interest. The related party note was paid in full by the President and was added to his note balance.
The Company recorded interest expense of $5,008 and $5,008 for the nine months ended September 30, 2021 and 2020, respectively, for these notes payable. Accrued interest related to these notes payable were $36,676 and $31,668 as of September 30, 2021 and December 31, 2020, respectively. |