Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

Note 4 - Related Party Transactions

Note 4 – Related Party Transactions (Restated)

Note Payable

Pursuant to corporate change (see Note 1), the Company issued a promissory note of $50,000 to the Company’s CEO, bearing interest at an annual rate of 7.5% and mature on May 10, 2022. For the nine months ended September 30, 2021, the Company recorded interest expenses of $1,469. As of September 30, 2021, the Company was obliged for this interest-bearing promissory note with a balance of $50,000 and accrued interest of $1,469.

Other

As at September 30, 2021 and December 31, 2020, $9,355 is accrued for salary to our former Chief Executive Officer.

During the three and nine months ended September 30, 2021, the Company paid $6,358 and $16,498 management fees to the Company’s sole member, respectively.

During three months ended September 30, 2021, a related party advanced to the Company a restated amount of $13,250 by paying for operating expenses on behalf of the Company. 

As of September 30,2021, and December 31, 2021, the Company was obliged to the related party, for an unsecured, non-interest bearing demand loan with balance of $13,250 and $0.