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NOTE 3 RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2020
Notes  
NOTE 3 RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Management Compensation - For the years ended December 2020 and 2019, the Company did not pay any compensation to its officers and directors.

 

Office Space – Beginning August 2017, the Company entered into an oral agreement to pay the Company’s President $500 per month as payment for use of his personal residence as the Company’s office and mailing address.  The Company has recorded rent expense of $6,000 and $6,000 during the years ended December 31, 2020 and 2019, respectively, which is included in the general and administrative expenses on the statements of operations.  The amount payable at December 31, 2019 was $1,500.  During the year ended December 31. 2020, the Company paid $6,000, resulting in $1,500 payable at December 31, 2020.  

 

Notes Payable – On December 12, 2017, the Company borrowed $107,000 from its President pursuant to an unsecured promissory note.  On various dates since then, the officer advanced the Company additional money and the Company made payments on the principal amount of the note resulting in total note balances of $139,584 and $108,984 at December 31, 2020 and 2019, respectively.  The cumulative note balance is uncollateralized, due on demand, and accrues interest at 12% per annum.  Interest expense on the note for the years ended December 31, 2020 and 2019 was $14,802 and $12,473, respectively. During the years ended 2020 and 2019, interest in the amount of $10,000 and $15,314, respectively, was paid on the note. Accrued interest on the note totaled $10,806 and $6,004 at December 31, 2020 and 2019, respectively.

 

Notes Payable - On March 8, 2018 the Company entered into a promissory note with a newly affiliated party in the amount of $43,250. The note is payable on demand and carries interest at 10% per annum.  Interest expense for the years ended December 31, 2020 and 2019 was $3,470 and $3,460, respectively, resulting in accrued interest of $9,755 and $6,285 at December 31, 2020 and 2019, respectively.  Principal balance on the note at December 31, 2020 and 2019 was $43,250 and $43,250, respectively.