Notes payable

3 Months Ended

Mar. 31, 2024

Note 3. Notes payable

During the three month period ended March 31, 2024, the Company reported the following activity in notes and accrued interest:

Notes Payable on March 31, 2024 and December 31, 2023 are as follows:

Schedule of Notes Payable

	March 31, 2024		December 31, 2023

Promissory note		231,478		231,478
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. This note is in default.	$	231,478	$	231,478

Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default.		150,000		150,000

Promissory note issued in 2022 and matured in July 2023. Lender earns interest at 6%. This note is in default.		65,000		65,000

Promissory note issued in 2022 and matured in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default.		200,000		200,000

Promissory note issued in 2022 and matured in December 2023. The lender earns interest at 7.75%. This note is in default.		50,000		50,000

Promissory note issued in March 2023 and matured in May 2023. The lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default.		100,000		100,000

Promissory note issued in March 2023 and matured in June 2023.The lender earns interest at 8%. This note is in default.		50,000		50,000

Promissory note issued in April 2023 and matured in May 2023. The lender earns interest at 18%. This note is in default.		250,000		250,000

Promissory note issued in June 2023 and matures in June 2024. The lender earns interest at 8%.		15,000		15,000

Promissory note issued in July 2023 and matures in July 2025. The lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner.		7,500		7,500

Promissory note issued in November 2023 and matures in August 2024. Lender earns interest at 22.0% and is convertible into shares of common stock.		30,790		10,264

	$	1,149,768	$	1,129,242

At March 31, 2024 and December 31, 2023, the Company had accrued $182,441 and $146,690, respectively, in unpaid interest on notes payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Biostax Corp. 10-Q/A