Related Party Transaction

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transaction

Note 9. Related Party Transaction

In February 2019, Altamont, a company which owned 5% or more of the Company’s shares of common stock at the time, signed a service agreement with a third-party vendor to re-develop the Company’s website. Upon completion of the project at the end of June 2019, the Company issued 78,338 shares of common stock of the Company, including 65,493 shares with a fair value of $46,500 to Altamont as reimbursement for the website development costs incurred by Altamont on behalf of the Company. In accordance with FASB ASC 350-50 “Accounting for Web Site Development Cost”, the Company has capitalized the value of these shares as website development costs of $46,500. The balance of 12,845 shares with a fair value of $9,120 was issued to Altamont as consideration for its contractual investor relation and web hosting services and $2,550 and $6,570 was expensed during the years ended December 31, 2020 and 2019, respectively.