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Note 8 - Forgiveness of Debt
12 Months Ended
Dec. 31, 2015
Notes  
Note 8 - Forgiveness of Debt

NOTE 8 – FORGIVENESS OF DEBT

 

As part of a change of control transaction (see Note 1 – Organization) the Company’s founder negotiated and guaranteed the forgiveness of certain debts of the Company along with the sale of his shares. The Company recognized the forgiveness of debt in the amount of $254,031. This occurred simultaneous with the sale of the founder’s shares on December 29, 2015.

 

The Company recognized a reduction in accounts payable from three vendors of $150,500, debt forgiveness from an unrelated party of $51,031 and the Company’s founder forgiving $52,500 in accrued compensation. No consideration was paid for the forgiveness of any of these amounts by the Company.