NOTES PAYABLE AND ADVANCES

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE AND ADVANCES

NOTE 5 – NOTES PAYABLE AND ADVANCES

The Company entered into a $50,000 note payable in connection with the purchase of software, see Note 4. The note payable does not incur interest and required five monthly payments of $10,000 which were paid during 2021.

On January 13, 2021, the Company entered into a share purchase agreement with the Company’s Chief Executive Officer to acquire 80% of Pickpocket, Inc. (“Pickpocket”) for a purchase price of $1.0 million in the form of a promissory note. As of the date of acquisition, Pickpocket did not have any operations or significant assets. Upon acquisition, the Company expensed the $1.0 million as compensation to officer. The transaction was accounted for on a carry-over basis as the Chief Executive Officer was the controlling shareholder in both entities. The promissory note incurs interest at a rate of 5% per annum. During the six months ended June 30, 2022, the Company paid interest of $10,548. As of June 30, 2022, $12,466 accrued interest was due.

During the six months ended June 30, 2022, a member of management advanced the Company $73,000 for operations. The advances do no incur interest and were due on demand. Subsequent to June 30, 2022, the advanced were paid back.