NOTE 5. RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2022

Notes

NOTE 5. RELATED PARTY TRANSACTIONS

NOTE 5. RELATED PARTY TRANSACTIONS

Shareholder Loans Payable

During the six months ended June 30, 2022, Fred Cooper, our majority shareholder, and CEO, loaned the Company $850,000 to fund operations.  The loans are non-interest-bearing and are due on demand.  As of June 30, 2022 and December 31, 2021, $884,489 and $34,489, respectively, was owed on the loans.  The Company has not repaid any portions of the loan and Mr. Cooper has not made any payment demand.

Licensing Agreement

The Company has entered into a licensing agreement with an entity controlled by Mr. Cooper.  During each of the three and six months ended June 30, 2022 the Company recognized $150,000, respectively, under the terms of the licensing agreement.  As of June 30, 2022, $50,000 was receivable from the licensing agreement.

The agreement became effective on September 2, 2021 with a base term of twelve months which may be extended in three month increments thereafter.