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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Forgiveness of Indebtedness (Policies)
3 Months Ended
Mar. 31, 2022
Policies  
Forgiveness of Indebtedness

Forgiveness of Indebtedness

 

The Company follows the guidance of AS 470.10 related to debt forgiveness and extinguishment. Debts of the Company are considered extinguished when the statute of limitations in the applicable jurisdiction expire, or when terminated by judicial authority such as the granting of a declaratory judgment. Debts to related parties or shareholders are treated as capital transactions when forgiven or extinguished and credited to additional paid in capital. Debts to non-related parties are treated as other income when forgiven or extinguished.