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OTHER RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
OTHER RELATED PARTY TRANSACTIONS

NOTE 11 – OTHER RELATED PARTY TRANSACTIONS

 

Name of Related Party   Related Relationship
John D. Murphy Jr.   Principal Executive Officer of the Company, member of the Board of Directors, and Managing Member of JMJ Associates, LLC
Paul Strickland   Secretary of the Company, member of the Board of Directors, and Managing Member of Beartooth Asset Holdings, LLC.
Selkirk Global Holdings, LLC   Entity owned by Paul Strickland, the Company’s Secretary, and a member of its Board of Directors.
Green Horseshoe, LLC   Significant debt holder and shareholder
OC Sparkle Inc.   Significant shareholder

 

Common stock transactions

 

On February 18, 2023, the Company issued 21,000,000 shares of its common stock to Green Horseshoe, LLC for the repayment of the settlement liability in the amount of $25,200 (Note 7).

 

Manager Promissory Note

 

On February 1, 2022, the Company and its Board of Directors approved an 8% Manager Promissory Note for up to $300,000 from JMJ Associates, LLC, an entity controlled by John D. Murphy, Jr., the Company’s Chief Executive Officer and President and member of the Board of Directors. JMJ Associates, LLC has not yet made any loans to the Company.

 

Loans and Cash Advances

 

John D. Murphy, Jr., has at times directly paid for various company expenses. The amount is unsecured, non-interest bearing, and due on demand. As of September 30, 2023 and December 31, 2022, the outstanding balance due to Mr. Murphy was $144,501 and $144,501, respectively.

 

Paul Strickland has at times paid for various company expenses. The amount is unsecured, non-interest bearing, and due on demand. As of September 30, 2023 and December 31, 2022, the outstanding balance due to Mr. Strickland was $2,750 and $2,750, respectively.

 

Imputed interest is assessed as an expense to the business operations and an addition to paid in capital. The imputed interest rate is 8%. During the nine months ended September 30, 2023 and 2022 the imputed interest was $8,835 and $8,133, respectively.