LINE OF CREDIT FROM RELATED PARTY	6 Months Ended
Jun. 30, 2022
Line Of Credit From Related Party
LINE OF CREDIT FROM RELATED PARTY	NOTE 6 – LINE OF CREDIT FROM RELATED PARTY On February 25, 2014, the Company entered into a line of credit with DEVCAP Partners, LLC, a California limited liability company (“DEVCAP”), for an amount up to $450,000 with an extended maturity date of December 31, 2023, bearing interest of 10% per annum. Effective July 1, 2019, the loan was assumed by FinTekk AP, LLC, a California limited liability company (“Fintekk”). The terms of the line of credit are unchanged. Both DEVCAP and FinTekk are solely owned by the majority shareholder of the Company and are related parties. As of June 30, 2022 and December 31, 2021, the balance of the line of credit was $237,629 and $227,129, respectively. The Company recorded accrued interest of $16,791 and $6,307 on the line of credit at June 30, 2022 and December 31, 2021, respectively. On August 13, 2015, the Company entered into a line of credit with General Pacific Partners, LLC, a California limited liability company, for an amount up to $450,000. The line of credit is a demand loan bearing interest of 10% per annum. General Pacific Partners, LLC is a related party to the Company as it is owned by a majority shareholder of the Company. On July 5, 2017, the balance of $25,000 was converted into 500,000 shares of stock valued at $.05 per share. The balance of the line of credit was $0 as of June 30, 2022 and December 31, 2021. The Company owes accrued interest of $4,732 as of June 30, 2022 and December 31, 2021, respectively. During 2014, the Company entered into a line of credit agreement with Gemini Southern, LLC, a related party. The line of credit is a demand loan with a maximum of $950,000 bearing interest at 10%, maturing December 2023. As of June 30, 2022 and December 31, 2021, the balance due on the line was $936,922 and $876,931, respectively. The Company recorded accrued interest of $215,106 and $169,553 as of June 30, 2022 and December 31, 2021, respectively.

LINE OF CREDIT FROM RELATED PARTY

6 Months Ended

Jun. 30, 2022

NOTE 6 – LINE OF CREDIT FROM RELATED PARTY

On February 25, 2014, the Company entered into a line of credit with DEVCAP Partners, LLC, a California limited liability company (“DEVCAP”), for an amount up to $450,000 with an extended maturity date of December 31, 2023, bearing interest of 10% per annum. Effective July 1, 2019, the loan was assumed by FinTekk AP, LLC, a California limited liability company (“Fintekk”). The terms of the line of credit are unchanged. Both DEVCAP and FinTekk are solely owned by the majority shareholder of the Company and are related parties. As of June 30, 2022 and December 31, 2021, the balance of the line of credit was $237,629 and $227,129, respectively. The Company recorded accrued interest of $16,791 and $6,307 on the line of credit at June 30, 2022 and December 31, 2021, respectively.

On August 13, 2015, the Company entered into a line of credit with General Pacific Partners, LLC, a California limited liability company, for an amount up to $450,000. The line of credit is a demand loan bearing interest of 10% per annum. General Pacific Partners, LLC is a related party to the Company as it is owned by a majority shareholder of the Company. On July 5, 2017, the balance of $25,000 was converted into 500,000 shares of stock valued at $.05 per share. The balance of the line of credit was $0 as of June 30, 2022 and December 31, 2021. The Company owes accrued interest of $4,732 as of June 30, 2022 and December 31, 2021, respectively.

During 2014, the Company entered into a line of credit agreement with Gemini Southern, LLC, a related party. The line of credit is a demand loan with a maximum of $950,000 bearing interest at 10%, maturing December 2023. As of June 30, 2022 and December 31, 2021, the balance due on the line was $936,922 and $876,931, respectively. The Company recorded accrued interest of $215,106 and $169,553 as of June 30, 2022 and December 31, 2021, respectively.

Teardroppers, Inc. 10-Q