GAIN FROM DEBT EXTINGUISHMENT

10 Months Ended

Dec. 31, 2020

GAIN FROM DEBT EXTINGUISHMENT

NOTE 6 - GAIN FROM DEBT EXTINGUISHMENT

In connection with the Stock Purchase Agreement dated June 30, 2020, Activist performed a review of three old (dating from 1996 to 2010) vendor accounts payable balances (totaling approximately $191,000) and received a legal opinion that such outstanding accounts payable and accrued liabilities aggregating approximately $191,000 were time barred by the statute of limitations and the Company recorded the relief of those liabilities and a gain from debt extinguishment of $191,000 as of July 2, 2020.