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Posted On: 11/23/2020 5:17:54 PM
Post# of 82686
“Note 5 - Notes Payable – Related Parties
At December 31, 2019, the balance of notes payable-related parties totaled $742,513. During the nine months ended September 30, 2020, the Company issued eight notes payable for $263,254 to its Chief Executive Officer. Also, during the nine months ended September 30, 2020, $4,223 of the notes were repaid. At September 30, 2020, the balance of notes payable-related parties totaled $1,001,544. The notes are made up of twenty-six notes payable due to the Company’s Chief Executive Officer, are non-interesting bearing or bear interest at rates ranging from 8% per annum to 10.49% per annum, are unsecured. Notes totaling $752,513 are due on December 31, 2020 and notes totaling $249,031 have no specified due date.
At December 31, 2019, accrued interest due for the notes was $760,024. During the nine months ended September 30, 2020, interest of $43,559 was accrued. At September 30, 2020, accrued interest due for the notes was $803,583.”
At December 31, 2019, the balance of notes payable-related parties totaled $742,513. During the nine months ended September 30, 2020, the Company issued eight notes payable for $263,254 to its Chief Executive Officer. Also, during the nine months ended September 30, 2020, $4,223 of the notes were repaid. At September 30, 2020, the balance of notes payable-related parties totaled $1,001,544. The notes are made up of twenty-six notes payable due to the Company’s Chief Executive Officer, are non-interesting bearing or bear interest at rates ranging from 8% per annum to 10.49% per annum, are unsecured. Notes totaling $752,513 are due on December 31, 2020 and notes totaling $249,031 have no specified due date.
At December 31, 2019, accrued interest due for the notes was $760,024. During the nine months ended September 30, 2020, interest of $43,559 was accrued. At September 30, 2020, accrued interest due for the notes was $803,583.”
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