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Note 6 - Related Party Transactions
6 Months Ended
Jun. 30, 2021
Notes  
Note 6 - Related Party Transactions

Note 6 – Related Party Transactions

 

Free Office Space

 

The Company has been provided office space by its Chief Executive Officer at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statement.

 

Advances from Shareholder

 

From time to time, stockholders of the Company will make advances to the Company for working capital purposes. As of June 30, 2021 and 2020, the Company’s stockholder advances totaled $226,051 and $193,469, respectively. These advances are non-interest bearing and payable on demand.

 

Convertible Demand Note Payable

 

On January 8, 2012, the Company entered into a convertible promissory note with George Christodoulou, the Company’s president, in the amount of $8,500.  The twenty-four month note bears interest at 10% per annum and is convertible into shares of the Company’s common stock at the demand of the lender.  The conversion rate is the total principal and accrued interest outstanding divided by the Company’s par value, $0.001. For the six months ended June 30, 2021 and 2020, no shares were issued in satisfaction of payments.  The balance, including principal and accrued interest as of June 30, 2021 and 2020 is $16,564 and $15,714, respectively.

 

On January 8, 2012, the Company entered into a twenty-four month convertible promissory note with Robert J. Nielson in the amount of $7,622, bearing interest at 10% per annum.  The note is convertible into shares of the Company stock, at the demand of the lender.  The conversion rate is the total principal and accrued interest outstanding divided by the Company’s par value, $0.001. For the six months ended June 30, 2021 and 2020, no shares were issued in satisfaction of payments.  The balance, including principal and accrued interest as of June 30, 2021 and 2020, was $14,855 and $14,093, respectively.