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Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 – Related Party Transactions

 

On May 31, 2018, the Company obtained a promissory note in amount of $7,500 from its custodian, Custodian Ventures, LLC, the managing member being David Lazar. The note bears an interest of 3% and all unpaid interest and principal is due within 180 days following written demand.

 

On May 31, 2018, the Company issued 27,000,000 shares of common stock to Custodian Ventures, LLC at par for shares valued at $27,000 in exchange for settlement of a portion of a related party loan for amounts advanced to the Company in the amount of $19,500, and the promissory note issued to the Company in the amount $7,500.

 

On November 19, 2019, the Company board of directors determined that it is their best interest to redeem the 27,000,000 shares of common stock, held by David Lazar. In addition, the company elected to cancel and return to the shareholder the promissory note dated May 31, 2018 in the amount of $7,500 including interest. The company shall also pay the additional amount of $19,168.97 by issuance of a promissory note and cancel all interest due on the May 31, 2018 note. The promissory note dated November 19 , 2019, in the amount of $19, 168.97 is due and payable in full within one hundred eight (180) days following written demand by the holder and bears an interest rate of 3% per annum. As of December 31, 2019, a total of 19,168.97 remained outstanding. In addition there was $66 in accrued interest expense.

 

During the year ended December 31, 2019, Custodian Ventures, LLC advanced a total of $39,278 to the Company for payment of registration, legal and accounting fees. As of December 31, 2019, the company had a loan payable remaining of $54,560 to Custodian Ventures, LLC. This loan is unsecured, non-interest bearing, and has no specific terms for repayment.