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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 10. Subsequent Events

 

Management has reviewed material events subsequent of the period ended June 30, 2022 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events”.

 

In July 2022, the company’s facility lease expired and was not renewed. The Company, sold all office funiture for proceeds of $5,000 and disposed of assets, including office furnishings, leasehold improvements and equipment with a gross carrying cost of $42,223 and accumulated depreciation totaling $17,597 as of June 30, 2022. As a result, during our third quarter, the Company will recognize a $19,626 loss on the dosposal of assets.

 

On July 25, 2022, the Company, Harmel S. Rayat, Wilmer Cutler Pickering Hale and Dorr LLP (“WilmerHale”) and AIG Claims (collectively, the “Parties”), Inc. entered into a Confidential Policy Release and Settlement Agreement pursuant to which, the Parties reached agreement on the disbursement of the remainder of the funds available to the Company pursuant to its Directors & Officers insurance policy issued by National Union Fire Insurance Company of Pittsburgh. The remaining funds available totaled $1,042,357 as of July 25, 2022. WilmerHale agreed to accept $600,000 in full satisfaction of their outstanding bills which totaled $1,055,950 as of June 30, 2022 with the remaining $$442,357 allocated to other counsel representing the Company and its officers and Directors with respect to the Lawsuits. Settlement of the WilmerHale bills will result in the Company recognizing other income of $455,950 during the three months ended September 30, 2022.