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ASSET AQUISITION
12 Months Ended
Dec. 31, 2024
ASSET AQUISITION  
ASSET AQUISITION

Note 4 – ASSET AQUISITION

 

On December 29, 2022, the Company entered into an Asset Purchase Agreement with Zeroblast Services Ltd. (Seller), a related party, to acquire all business assets of the Seller, which included equipment and intangible assets. Seller will also convey any and all contracts that it has with its current customers, written, oral or otherwise (the intangible assets). Consideration for the asset acquisition is a cash payment of 100,000 ($24,980 for the equipment and $75,020 for the intangible asset).The payment shall be in the form of a Promissory Note due on or before December 29, 2024, which has been extended by tweleve (12) months to December 29, 2025. This note bears interest at 7% per annum.

 

 

 

As of December 31, 2024

 

 

 

Face value

 

 

Accrued Interest

 

 

Net payable

 

Promissory Note

 

$100,000

 

 

$14,019

 

 

$114,019

 

Total

 

$100,000

 

 

$14,019

 

 

$114,019

 

 

 

 

As of December 31, 2023

 

 

 

Face value

 

 

Accrued Interest

 

 

Net payable

 

Promissory Note

 

$100,000

 

 

$7,058

 

 

$107,058

 

Total

 

$100,000

 

 

$7,058

 

 

$107,058

 

 

Accrued Interest as of December 31, 2024, is $14,019 and December 31, 2023, is $7,058. Promissory note payable is $100,000 and $100,000 as of December 31, 2024, and December 31, 2023.

 

Total interest expenses of $ 6,962 and $7,058 for the year ended December 31, 2024, and 2023.