XML 24 R15.htm IDEA: XBRL DOCUMENT v3.22.2.2
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

 

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

 

In May of 2022, the Company’s CEO provided a loan to the Company in the amount of $3,000. This loan pays interest at a rate of 1% per annum and the principal and accrued interest was due on or before June 17, 2022.

 

In July of 2022, the Company entered into a convertible promissory note agreement in the amount of $20,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before January 6, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.015 per share.

 

In July of 2022, the Company entered into a convertible promissory note agreement in the amount of $10,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before January 29, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share.

 

In August of 2022, the Company entered into a convertible promissory note agreement in the amount of $10,000 with a related party who is a member of the Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before February 4, 2023. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.002 per share.

 

In August of 2022, the Company’s CEO provided a loan to the Company in the amount of $3,500. This loan pays interest at a rate of 1% per annum and the principal and accrued interest was due on or before September 9, 2022.

 

In August of 2022, the Company entered into a promissory note agreement in the amount of $5,000 with a related party. This note paid interest at a rate of 6% per annum and the principal and accrued interest was due on or before August 26, 2022. The lender received 500,000 shares of the Company’s restricted common stock as a loan origination fee. The note was repaid and the balance at September 30, 2022 was $0.

 

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 nine month periods ended September 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $22,000 and $9,000, respectively, for services rendered. During the three month periods ended September 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $5,000 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 nine month periods ended September 30, 2022 and 2021 the Company paid the related party limited liability company fees of $6,478 and $11,225, respectively, for services rendered. During the three month periods ended September 30, 2022 and 2021, the Company paid the related party limited liability company consulting fees of $0 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 nine month periods ended September 30, 2022 and 2021, the Company paid a related party consultant fees of $27,000 and $20,000, respectively. During the three month periods ended September 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 nine month period ended September 30, 2021, the Company has had extensive dealings with related parties including the following:

 

In April of 2021, Seafarer’s CEO provided a loan to the Company in the amount of $6,000. The loan pays a 1% annual rate of interest, is due and payable on October 26, 2021 and is not secured.

 

In October of 2021, Seafarer’s CEO provided a loan to the Company in the amount of $1,400. The loan pays a 1% annual rate of interest, was due and payable on January 25, 2022 and is not secured.

 

In October of 2021, Seafarer’s CEO provided a loan to the Company in the amount of $1,000. The loan pays a 1% annual rate of interest, was due and payable on January 26, 2022 and is not secured.

 

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 September 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.