ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses are as follows:

	June 30,		December 31,
	2022		2021
Trade payables	$	99,314	$	102,313
Accrued expenses		590		2,024
Total accounts payable and accrued expenses	$	99,904	$	104,337

Accrued Royalties

Accrued royalties relate to the Company’s licensing agreements with various parties providing gaming software. These licensing agreements have royalty fees ranging from 5% to 50% of either gross or net revenue, and a flat fee per end user of $0.50. Under one or more of these agreements, there was an annual aggregate minimum payment due of $50,000, which has been recorded as accrued royalties but remains unpaid. Accrued royalties as of June 30, 2022 and December 31, 2021 were $658,132 and $633,132, respectively. If contested, the Company may be found to be in breach of obligations to pay these amounts (although the Company believes this obligation is no longer ongoing), thus the remaining obligation under this agreement remains as a liability on the Company’s Balance Sheet.