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Note 11: Subsequent Events
12 Months Ended
Dec. 31, 2020
Disclosure Text Block [Abstract]  
Note 11: Subsequent Events

11. Subsequent Events

 

The Company evaluated its December 31, 2020, financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements except as provided below:

 

On April 1, 2021, the Company entered into a credit agreement with one of its stockholders to secure funds to maintain operations. A loan of $10,360 was received pursuant to this agreement on April 7, 2021, and a credit note in even amount was provided to the lender.

 

On April 1, 2021, convertible promissory notes issued by the Company to CaiE Foods in exchange for the aggregate principal amount of $107,800 were in default given that amounts due were not paid or converted into equity, at the option of CaiE Foods, on maturity. The Company intends to settle all amounts due to CaiE Foods as part of a comprehensive settlement.

 

On March 15, 2021, the Company increased its authorized share capital from 5,000,000 shares common stock par value $0.001 to 500,000,000 shares of common stock pursuant to stockholder action on amending its articles of incorporation with Nevada Secretary of State.