5. BUSINESS ACQUISITION	3 Months Ended
Mar. 31, 2021
Notes
5. BUSINESS ACQUISITION	`5.`BUSINESS ACQUISITION On May 6, 2020, the Company entered into an agreement with Rideshare, Las Vegas, LLC a related entity owned by Peter Klamka, for the purchase of a leasehold interest in a restaurant owned by it, known as Blind Pig situated at 4515 Dean Martin Drive, Las Vegas, Nevada. The restaurant will be generating revenue through the sale of ready to eat meals on premises and for takeout. Revenue will also be generated through the catering services, private party rentals, and merchandise sales. The purchase price for the leasehold interest is $1,500,000, to be paid for by issuance of a promissory note bearing interest at the rate of 5% per annum. The note calls for principal repayments of $25,000 per month commencing November 1, 2020 over five years. Interest will accrue during the term of note and paid after all principal payments had been made. The promissory note contains the option of conversion into common stock at a price of $0.50 per common share. Due to COVID-19 pandemic and the significant drop in revenue, it became clear that the Company would not be able to honor its future obligations under the promissory note. On September 30, 2020 by mutual agreement both parties agreed to the cessation of the May 6, 2020 agreement. Consequently, the leasehold interest was returned to Rideshare. Any accrued interest from May 6, 2020 to September 30, 2020 was set up as if paid and shown as a loan to Peter Klamka who is also the owner of Rideshare. In January 2021, the Company received a term sheet for a future agreement to be completed with Busta Rhymes, to license the use of Busta’s name, image and trademarks for 2 years, for which the Company would give the licensor, Busta, 50% of net revenues generated under the agreement as a royalty fee, and also to issue 200,000 shares of its common stock to the owner of Busta. The conditions relating to this acquisition have not been completed as of March 31, 2021.

5. BUSINESS ACQUISITION

3 Months Ended

Mar. 31, 2021

5.BUSINESS ACQUISITION

On May 6, 2020, the Company entered into an agreement with Rideshare, Las Vegas, LLC a related entity owned by Peter Klamka, for the purchase of a leasehold interest in a restaurant owned by it, known as Blind Pig situated at 4515 Dean Martin Drive, Las Vegas, Nevada.

The restaurant will be generating revenue through the sale of ready to eat meals on premises and for takeout. Revenue will also be generated through the catering services, private party rentals, and merchandise sales.

The purchase price for the leasehold interest is $1,500,000, to be paid for by issuance of a promissory note bearing interest at the rate of 5% per annum. The note calls for principal repayments of $25,000 per month commencing November 1, 2020 over five years. Interest will accrue during the term of note and paid after all principal payments had been made. The promissory note contains the option of conversion into common stock at a price of $0.50 per common share.

Due to COVID-19 pandemic and the significant drop in revenue, it became clear that the Company would not be able to honor its future obligations under the promissory note. On September 30, 2020 by mutual agreement both parties agreed to the cessation of the May 6, 2020 agreement. Consequently, the leasehold interest was returned to Rideshare. Any accrued interest from May 6, 2020 to September 30, 2020 was set up as if paid and shown as a loan to Peter Klamka who is also the owner of Rideshare.

In January 2021, the Company received a term sheet for a future agreement to be completed with Busta Rhymes, to license the use of Busta’s name, image and trademarks for 2 years, for which the Company would give the licensor, Busta, 50% of net revenues generated under the agreement as a royalty fee, and also to issue 200,000 shares of its common stock to the owner of Busta. The conditions relating to this acquisition have not been completed as of March 31, 2021.