NOTE 4 - RELATED PARTY

12 Months Ended

Dec. 31, 2024

NOTE 4 – RELATED PARTY

For the year ended December 31, 2024 and the year ended December 31, 2023, the Company had expenses totaling $0 and $0 respectively, to an officer and director for salaries, which is included in general and administrative expenses on the accompanying consolidated statement of operations.

Note	Issuance Date	Maturity Date	Interest Rate	Original Principal Amount	Balance at December 31, 2024	Balance at December 31, 2023
Unsecured debt A	March 2019, March and June 2020	No due date	0%	$866	$666	$866
Unsecured debt H	September 1, 2023	January 1, 2024	10%	$82,500	$-	$82,500
Unsecured debt I	January 1, 2024	June 1, 2025	15%	$84,965	$177,500	$-
Unsecured debt L	November 14, 2024	November 13, 2027	15%	$220,000	$221,222	$-
Total notes payable				$388,331	$399,388	$83,366
Debt discount and deferred financing costs				-	-	-
Total notes payable, net				$388,331	$399,388	$83,366

Unsecured debt A: On March 2, 2020, the Company received an unsecured loan of $200 from a shareholder. Additionally, during in March and June 2019, the Company received an additional loan of $666 from another shareholder. Both of these notes are unsecured and do not have a payment due date at an interest rate of 0.00%. During the fourth quarter of 2024, the company made a payment of $200 towards part of this unsecured loan. As of December 31, 2024, the outstanding principal balance of unsecured debt A totaled $666.

Unsecured debt H: On September 1, 2023, the Company received an unsecured line of credit in the principal of up to $82,500 with a loan origination fee in the amount of $7,500, which was amortized over the life of the line of credit. The net proceeds from this line of credit were $75,000. The loan is unsecured and is due for repayment on January 1, 2024. Interest will accrue at an interest rate of 10% per annum on any unpaid principal amount. If the Company defaults on the loan, the holder of the note can declare all or any portion of the unpaid balance with all accrued interest immediately due and payable. On January 1, 2024, both parties agreed to convert this note and move it over to Unsecured debt I. As of December 31, 2024, the outstanding principal balance of unsecured debt H totaled $0.

Unsecured debt I: On January 1, 2024, the Company agreed and signed a new unsecured line of credit in the principal of up to $180,000. The net proceeds from this line of credit were $82,000. The loan is unsecured and is due for repayment on June 30, 2025. Interest will accrue at an interest rate of 15% per annum on any unpaid principal amount. If the Company defaults on the loan, the holder of the note can declare all or any portion of the unpaid balance with all accrued interest immediately due and payable. As of December 31, 2024, the outstanding principal balance of unsecured debt I totaled $177,500.

Unsecured debt L: On November 14, 2024, the Company received an unsecured loan in the principal of $220,000 with a loan origination fee in the amount of $22,000, which will be amortized over the life of the loan as interest expense. The net proceeds from this loan were $220,000. The loan is unsecured and the initial payment of $8,667 is due on January 24, 2025. There will be two months of no payments but interest will start accruing. Once the payments are started there will be a total of 34 monthly payments due on the 24th day of each following month, ending October 24, 2027. As of December 31, 2024, the outstanding principal balance of unsecured debt L totaled $221,222.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

HEALTHY EXTRACTS INC. 10-K