NOTE 7 - LOANS PAYABLE

Loans Payable

The following table summarizes the activity of loans payable during the six months ended June 30, 2023:

Interest Expense on Loans Payable

For the three months ended June 30, 2023 and 2022, the Company recognized interest expense associated with loans payable of $11,606 and $7,355, respectively, and interest expense — related parties associated, with loans payable of $0 and $1,531, respectively. For the six months ended June 30, 2023 and 2022, the Company recognized interest expense associated with loans payable of $23,162 and $14,769, respectively, and interest income — related parties associated with loans payable of $0 and $3,031, respectively.

As of June 30, 2023, the Company had accrued interest and accrued interest — related parties, associated with loans payable of $62,095 and $0, respectively. As of December 31, 2022, the Company had accrued interest and accrued interest — related parties associated with loans payable of $36,422 and $16,770, respectively. Accrued interest is recorded within accrued expenses and appears under that caption on the balance sheet; accrued interest – related parties is recorded within accrued expenses – related parties and appears under that caption on the balance sheet. See Note 10 — Related Parties for additional details.