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Cash Held by Officer
12 Months Ended
Dec. 31, 2018
Cash Held By Officer  
Cash Held by Officer

Note 2 – Cash Held by Officer

 

With the transition of the new Company management in September 2018, the Company’s previous bank account was closed. The new management was not able to set up a new bank account. The fourth quarter operating expenses, of approximately $38,000 have been paid from a bank account held in the name of the Company’s Chief Executive officer.

 

Also, the $50,000 raised from the issuance of the Series A convertible preferred stock, see note 5, was transferred into a bank account held in the name of the Chief Executive Officer.

 

The amounts for cash held by officer of $12,000 is a net amount. As of the issuance of these financial statements, the Company has its own bank account and funds of the Company have been transferred into the Company’s bank account.