RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2022

NOTE 2 – RELATED PARTY TRANSACTIONS

The Company previously occupied a portion of the offices leased by BKF Capital Group, Inc. (OTCMKTS: BKFG), on a month to month basis for a rental fee of $50 per month that was intended to cover administrative costs. Steven N. Bronson, the Company’s Chairman, CEO, and majority shareholder, is also the Chairman, CEO and majority shareholder of BKF Capital Group, Inc. Effective June 30, 2019, the Company terminated this arrangement with BKF Capital Group, Inc., and leased an administrative office from an unrelated party on a month-to-month basis for a minimum of $10 per month. Additional charges, if any, are based upon services provided by the lessor.

In April 2021, we paid BKF the full amount owed of $2,800 for this previous arrangement. There are no amounts payable to or receivable from BKF at June 30, 2022.

On December 31, 2016, Steven N. Bronson, the Company’s Chairman, President, CEO, and majority shareholder entered into a revolving loan agreement (the “2016 Loan”) whereby Mr. Bronson would loan the Company money from time-to-time to fund working capital needs to pay operating expenses. The 2016 Loan was unsecured, repayable upon demand and accrued interest at the rate of 10% per annum.

On March 26, 2021, the Company sold 1,600,000 shares of its Common Stock to Mr. Bronson at a price of $0.25 per share, for an aggregate purchase price of $400,000. Mr. Bronson paid the purchase price for the shares by cancelling $349,442 in principal and accrued interest outstanding under the 2016 Loan and paying $50,558 in cash.

On March 23, 2022, Mr. Bronson entered into a new revolving loan agreement (the “2022 Loan”) whereby Mr. Bronson would loan the Company money from time-to-time to fund working capital needs to pay operating expenses. The 2022 Loan is unsecured, repayable upon demand and accrues interest at the rate of 8% per annum.

During the six months ended June 30, 2021, and June 30, 2022, the following amounts were payable under all loans:


	Principal		Interest

Balance January 1, 2021	$	251,161	$	87,624

Additions		5,000		5,657
Cash Payments		—		—
Conversion into Common Stock - March 26, 2021		(256,161)		(93,281)
Balance March 31, 2021	$	—	$	—

Additions		—		—
Cash Payments		—		—
Balance June 30, 2021	$	—	$	—


Balance January 1, 2022	$	—	$	—

Additions		20,000		40
Cash Payments		—		—
Balance March 31, 2022	$	20,000	$	40

Additions		10,000		826
Cash Payments		—		—
Balance June 30, 2021	$	30,000	$	866