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Commitments and Related Party Transactions
6 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Commitments and Related Party Transactions

Note 6 – Commitments and Related Party Transactions

 

Office Space

 

As of December 31 2018, the Company’s office facilities are located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge.

 

Note Payable - Stockholder

  

On May 31, 2017, the Company issued a promissory note (the “Note”) to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Although there is no obligation to advance funds to the Company under the terms of the note, it is anticipated that the stockholder may advance funds to the Company as fees and expenses are incurred in the future. As a result, the Company issued the note in anticipation of such advances. Interest shall accrue on the outstanding principal amount of the note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum.

 

As of December 31, 2018, the amount due was $75,840 including accrued interest of $4,230, which is reported as a component of accounts payable and accrued expenses on the accompanying condensed balance sheets.