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Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 8 – Related Party Transactions

 

From time to time, the Company receives loans and advances from its stockholders to fund its operations. Stockholder loans and advances are non-interest bearing and payable on demand. As of December 31, 2021 and 2020, the Company had $5,214,794 and $1,041,353, respectively, of payables to its stockholders.

 

On September 16, 2020, the Company and the stockholders modified the terms of the $1,041,353 loan payable and converted it into an interest-bearing (2%) loan with a repayment date of December 31, 2021. Additionally, the Company repaid all of this loan on January 18, 2022.

 

Additionally, the Company had $4,170,418 in short term loan from related parties. The annual interest rate is 2% and repayment date is December 31,2022.