RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2021

RELATED-PARTY TRANSACTIONS

NOTE 10 - RELATED-PARTY TRANSACTIONS

NOTE 10 - RELATED-PARTY TRANSACTIONS

Note receivable

During the year ended December 31, 2020, the Company issued 4,835,420 shares of common stock for $716,242, of which the Company received cash of $467,900 and a promissory note receivable from a former officer of $248,342. During the year ended December 31, 2020, $11,600 was transferred to the Company, $78,479 was used for payments of operating expenses, and $6,221 was used to settle debt with former related parties. As of June 30, 2021 and December 31, 2020, the Company reported the remaining balance as a note receivable of $152,042, which is due on demand and bears no interest.

Due from related party

During the six months ended June 30, 2021, the Company lent $7,500. The loan was to a former executive for an obligation said executive had on behalf of a former company.

As of June 30, 2021 and 2020, the Company had due from related party of $41,000 and $33,500, respectively. Due from related party is non-bearing interest and due on demand.

Employment agreement

As of December 31, 2020, the Company reported accrued salary of $1,289,801 to our former CEO, CFO and a spouse of CEO which was reclassified to debt to be settled (Note 11). During the six months ended June 30, 2021, accrued salary was fully settled.

Debt forgiveness

During the six months ended June 30, 2021, accrued salaries for former management were forgiven and the Company recorded $173,299 as additional paid in capital.