Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 5 – Related Party Transactions

During the three months ended March 31, 2023 and 2022, the two board of directors paid all expenses of the Company in the amount of $23,275 and $17,524, respectively. The Company advanced to the director who pays the operating expenses 6,904,761 shares of common stock valued $29,000 based upon the closing price of $0.0042 at date of issuance to reimburse and prepay the director of his out of pocket costs paid on behalf of the Company. The amount paid during the three months ended March 31, 2022 was not to be reimbursed therefore, additional paid in capital was increased by $17,524.

The Company has a consulting agreement with a majority shareholder/board of director. The agreement is for $1,000 monthly. Consulting expense for each of the three months ended March 31, 2023 and 2022 was $3,000 and is included in accounts payable in the amount of $1,000 and $21,000 at March 31, 2023 and December 31, 2022, respectively.

On December 31, 2022, the Board of Directors agreed to pay a majority shareholder/board of director for providing working capital and other services to the Company from 1998 to present. The agreement is for $350,000 and is included in consulting expense for each of the year ended December 31, 2022 and is included in accounts payable in the amount of $350,000 at March 31, 2023 and December 31, 2022.

The Company had a 5 year compensation agreement with its Board Chairman beginning January 1, 2022 and ending on December 31, 2026. Compensation was an annual fee of $30,000, due in the following month of January. Board of director compensation for the three months ended March 31, 2022, was $30,000 and is included in accrued board of director compensation in the amount of $31,000 at December 31, 2022. On December 31, 2022 this contract was terminated. A new compensation agreement was signed beginning January 1, 2023 and ending on December 31, 2028 in the amount of $95,000 annually, payable in common stock. Board of director compensation for the three months ended March 31, 2023, was $95,000 and was paid in common stock on March 23, 2023. (See Note 6).