XML 17 R9.htm IDEA: XBRL DOCUMENT v3.22.1
NOTE 3 RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2021
Notes  
NOTE 3 RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Management Compensation - For the years ended December 2021 and 2020, 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, 2021 and 2020, respectively, which is included in the general and administrative expenses on the statements of operations.  The amount payable at December 31, 2021 and 2020 was $7,500 and $1,500, respectively.

 

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, including $27,550 and $36,600 during the years ended December 31, 2021 and 2020, respectively, and the Company made payments on the principal amount of the note, including $0 and $6,000 during the years ended December 31, 2021 and 2020, respectively, resulting in total note balances of $167,134 and $139,584 at December 31, 2021 and 2020, 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, 2021 and 2020 was $18,235 and $14,802, respectively. During the years ended 2021 and 2020, interest in the amount of $-0- and $10,000, respectively, was paid on the note. Accrued interest on the note totaled $29,041 and $10,806 at December 31, 2021 and 2020, 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, 2021 and 2020 was $6,751 and $3,470, respectively, resulting in accrued interest of $16,506 and $9,755 at December 31, 2021 and 2020, respectively.  Principal balance on the note at December 31, 2021 and 2020 was $43,250.