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RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

During the six month period ended June 30, 2022, the Company has had extensive dealings with related parties including the following:

 

See additional related party transactions below.

 

Additional related party transactions:

 

The Company has an informal consulting agreement with a limited liability company that is owned and controlled by a person who is related to its CEO to provide general business consulting services including periodically assessing the Company’s business and advising management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative information on individuals and companies and to assist, when needed, as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. During the six month periods ended June 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $17,000 and $11,000, respectively, for services rendered. During the three month periods ended June 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $6,000 and $2,000, respectively, for services rendered. These fees are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations.

 

The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. During the six month periods ended June 30, 2022 and 2021 the Company paid the related party limited liability company fees of $6,477 and $4,700, respectively, for services rendered. During the three month periods ended June 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $1,778 and $2,300, respectively, for services rendered. These fees are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations.

 

During the six month periods ended June 30, 2022 and 2021, the Company paid a related party consultant fees of $18,000 and $15,000, respectively. During the three month periods ended June 30, 2022 and 2021, the Company paid a related party consultant fees of $9,000. All of the fees paid to the related party consultant are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations.

 

During the six month period ended June 30, 2021, the Company has had extensive dealings with related parties including the following:

 

The Company issued 8,734,640 shares of restricted common stock to a related party to settle $20,302 of accrued interest owed on sixteen convertible notes payable. 

 

At June 30, 2022, the following promissory notes and shareholder loans were outstanding to related parties:

 

See Note 5 convertible notes payable – related parties, convertible notes payable – related parties, in default, and notes payable - related parties, in default.