COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2022

COMMITMENTS AND CONTINGENCIES

Commitments And Contingencies

NOTE 8 – COMMITMENTS AND CONTINGENCIES

The Company from time to time is party to certain lawsuits, legal proceedings and various claims relating to matters in the normal course of its business.

On January 1, 2018, the Company entered into an employment agreement with the CEO. Under the terms of the employment agreement, the Company is required to pay the CEO a salary at a rate of $180,000 for the 2018 calendar year, $300,000 for the 2019 calendar year, and $500,000 for the 2021 calendar year. The Company has accrued $545,000 and $410,000 as of September 30, 2022, and December 31, 2021, respectively, and recognized $135,000 and $135,000 in wage expenses for the nine months ended September 30, 2022, and 2021, respectively. This agreement terminated on December 31, 2021 and all accrued wages for base salaries for 2017, 2018, and 2019 were written down and reduced to $50,000 in total, for year ending 2020 the base salary was set at $180,000. The Employment Agreement was extended until 6/30/22 at the same rate of $180,000.