RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

Loans receivable

The Company has extended lines of credit and loans to related parties. See Note 4.

Management Fee

The Company pays its parent company, Omega Commercial Finance Corp (“Omega”) management fees pursuant to a corporate governance management agreement executed on June 1, 2017. Omega is to provide services related to facilitating the introduction of potential investors for compensation not to exceed $300,000 per year. The agreement remains in effect until cancelled by Omega. During the three months ended March 31, 2023 and 2022, the company accrued management fees of $37,500. Total management fees of $487,500 and $450,000 remain unpaid as of March 31, 2023 and December 31, 2022.

Note Payable

On October 14, 2020, the Company issue a promissory note in the amount of $175,000 to Partners South, Holdings, LLC. The note bears interest at an annual rate of 10% and matured on December 15, 2020. The note is in default and due on demand. As of March 31, 2023 and December 31, 2022, the Company recorded $238,309 and $231,747 in Notes payable - related party

Note Payable – short term

On June 29, 2022, the Company issued a promissory note in the amount of $35,000 to an unrelated party. The note bears interest at an annual rate of 24% and matured on December 29, 2022. This note is currently in default, incurring interest at the default rate of 3.5% monthly on the unpaid balance. As of March 31, 2023 and December 31, 2022, the Company recorded $42,954 and $39,279 in Notes payable – short term. As of March 31, 2023 and 2022, the Company recorded $3,625 and $0 in interest expense.