Note 4- Mining Claims-Acquisition
During the Three months ended June 30, 2023 the company issued 25,000,000 common shares at a deemed price of $0.005 to complete the acquisition of 102 mineral claims located in Churchill County Nevada. There were additional costs associated with this acquisition totaling $30,192 which paid for the registering and recording of the claims with the BLM (Bureau of Land Management) and Churchill County Nevada.
Note 5- Notes Payable
During, the Company entered into a convertible note in the principal amount of $87,000, with a related party. The note carries an annual interest rate of 8% with a maturity date one year after the effective date of the note. The debt is due on the maturity date and can be paid in either cash or with the Company’s common stock at a fixed price of $0.005 The Note also, provides for a default interest rate of 15% if the note is unpaid past the maturity date. No payments have been made to the note holder as of June 30, 2023.
During the year ended December 31, 2020, the Company entered into a convertible note in the principal amount of $14,881, with a related party. The note carries an annual interest rate of 8% with a maturity date one year after the effective date of the note. The debt is due on the maturity date and can be paid in either cash or with the Company’s common stock at a fixed price of $0.005. The Note also, provides for a default interest rate of 15% if the note is unpaid past the maturity date. No payments have been made to the note holder as of June 30, 2023
During the year ended December 31, 2022 , the Company entered into a convertible note in the principal amount of $9,621, with a related party. The note carries an annual interest rate of 8% with a maturity date one year after the effective date of the note. The debt is due on the maturity date and can be paid in either cash or with the Company’s common stock at a fixed price of $0.005. The Note also, provides for a default interest rate of 15% if the note is unpaid past the maturity date. No payments have been made to the note holder as of June 30, 2023.
During the three months ended June 30, 2023 , the Company entered into a convertible note in the principal amount of $3,356, with a related party. The note carries an annual interest rate of 8% with a maturity date one year after the effective date of the note.
The debt is due on the maturity date and can be paid in either cash or with the Company’s common stock at a fixed price of $0.005. The Note also, provides for a default interest rate of 15% if the note is unpaid past the maturity date. No payments have been made to the note holder as of June 30, 2023
Note 6- Related Party Transactions
See Note 5, Notes Payable.
During the three months ended June 30, 2023 a related party paid the costs of registering and recording the Company’s mining claims. This amounted to an aggregate total of $30,192 and has been recorded as a shareholder’s contribution.
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