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DEBT TO FORMER SHAREHOLDER – discontinued operations
3 Months Ended
Mar. 31, 2022
Debt To Former Shareholder Discontinued Operations  
DEBT TO FORMER SHAREHOLDER – discontinued operations

NOTE 6 – DEBT TO FORMER SHAREHOLDER – discontinued operations

 

On March 1, 2020, the members of Nature entered into the Ownership Interest Purchase Agreement (“Ownership Agreement”) whereby Yogev Shvo, a member of the Company, acquired the remaining 50% member ownership (“Seller”) giving Mr. Shvo 100% member ownership of the Company. As consideration for the Ownership Agreement, the Seller received a Promissory Note of $750,000. The Promissory Note bears interest at 15% per annum and matures March 1, 2022, as amended on June 30, 2021. The Company included $72,743 in due to related party in discontinued operations as of December 31, 2021. This contingency will remain with Nature and not be a contingency for the Company per the Bear Village acquisition (see Note 1).

 

The Company borrows funds from related parties for working capital purposes from time to time. The Company has recorded the principal balance due of $0 under Due to Related Parties in the accompanying Consolidated Balance Sheet at December 31, 2021. The Company received no advances and made no repayments during the three months ended March 31, 2022 and 2021. Advances are non-interest bearing and due on demand.