Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 5 – Related Party Transactions

During the nine months ended September 30, 2022 and 2021, the two board of directors paid all expenses of the Company in the amount of $32,867 and $38,627, respectively. The amount paid during the nine months ended September 30, 2022 and 2021 was not to be reimbursed therefore, additional paid in capital was increased by $32,867 and $38,627, respectively for the periods then ended.

The Company has a consulting agreement with a majority shareholder/board of director. The agreement is for $1,000 monthly. Consulting expense for each of the three and nine months ended September 30, 2022 and 2021 was $3,000 and $9,000, respectively and is included in accounts payable in the amount of $18,000 and $9,000 at September 30, 2022 and December 31, 2021, respectively.

The Company has a 5 year compensation agreement with its Board Chairman beginning January 1, 2022 and ending on December 31, 2026. Compensation is an annual fee of $30,000, due in the following month of January. Board of director compensation for each of the three and nine months ended September 30, 2022 and 2021 was $-0- and $30,000, respectively and is included in accrued board of director compensation in the amount of $31,000 and $1,000 at September 30, 2022 and December 31, 2021, respectively.