RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED-PARTY TRANSACTIONS

NOTE 11 - RELATED-PARTY TRANSACTIONS

NOTE 11 - RELATED-PARTY TRANSACTIONS

Note receivable for stock subscription

During the year ended December 31, 2020, the Company issued 4,835,420 shares of commons 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 (see Note 12). As of December 31, 2021, and 2020, the Company recorded note receivable for stock subscription of $152,042, which is due on demand and bears no interest.

Due from related party

During the year ended December 31, 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.

During the year ended December 31, 2020, the Company lent $36,000 and received cash of $2,500.

As of December 31, 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 12). During the year ended December 31, 2021, accrued salary was fully settled.

Debt forgiveness

During the year ended December 31, 2021, accrued salaries for former management were forgiven and the Company recorded $173,746 as additional paid in capital.