RELATED PARTIES |
12 Months Ended |
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Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 8 - RELATED PARTIES
At December 31, 2023 and 2022, the amount due to two stockholders was $1,000 relating to depositing funds for opening bank accounts for the Company. The Company leases its current office facility from these stockholders on a month-to-month basis at a monthly rent of $250 starting January 1, 2020. Rent expense totaled $3,000 for each of the years ended December 31, 2023 and 2022, respectively. The Company has recorded $250 as rent payable to the stockholder in accounts payable as of December 31, 2023 and 2022, respectively.
The Company executed a convertible promissory note payable with an officer and director (see Note B) and indebted in the principal amount of $55,000 and accrued interest payable of $13,592 and $10,842 as of December 31, 2023 and 2022, respectively.
The Company executed three convertible promissory notes payable with a director (see Note E) and indebted in the principal amount of $125,000 and accrued interest payable of $63,690 and $48,690 as of December 31, 2023 and 2022, respectively.
The Company awarded shares payable to officers and a director valued at $4,441 and $13,941 for the years ended December 31, 2023 and 2022, respectively, pursuant to the terms of an exchange agreement (Note 5). Shares payable to officers and a director were $15,225 and $14,624 at December 31, 2023 and 2022, respectively. No convertible preferred stock was issued to related parties in 2023 and 2022, respectively.
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