Company: VYND
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001079973-25-000779
Chunk: 7

Company: Vynleads, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 8
Chunk 7
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31, 2025(UNAUDITED) 

5.       Notes
Payable 

The following table summarizes
notes payable as of March 31, 2025 and 2024:

    Schedule of notes payable

    Type
     
    Original Amount

    Origination Date
     
    Maturity Date
     
    Annual Interest Rate

    Balance at March 31, 2025

    Balance at December 31, 2024

    Note Payable** (a)
     
    $
    50,000

    11/18/2019
     
    5/22/2020

    5%

    $
    50,000

    $
    50,000

    Note Payable** (b)
     
    $
    27,000

    05/20/2020
     
    4/20/2022

    1%

    $
    5,282

    $
    5,768

    Note Payable** (c)
     
    $
    25,000

    10/20/2022
     
    4/24/2023

    5%

    $
    25,000

    $
    25,000

    Balance

    $
    80,282

    $
    80,768

    Less current portion

    $
    (80,282
    )
     
    $
    (80,768
    )

    Total long-term 

    $
    —

    $
    —

** Currently in default

    (a)
     
    On November 18, 2019, the Company executed a note payable to an individual in the amount of $50,000, interest accrues at 5% per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first. On May 14, 2020 $1,250 of accrued interest was paid.
  
    (b)
     
    On May 5, 2020, the Company received loan proceeds in the amount of $27,000 from Bank of America (the “Lender”) under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act), provides for loans to qualifying businesses for amounts up to