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Related Party Transactions
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 5 – Related Party Transactions

 

During the years ended December 31, 2022 and 2021, the two board of directors paid all expenses of the Company in the amount of $39,876 and $45,959, respectively. The amount paid during the year ended December 31, 2022 and 2021 was not to be reimbursed therefore, additional paid in capital was increased by $39,876 and $45,959, respectively for the years 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 years ended December 31, 2022 and 2021 was $12,000 and is included in accounts payable in the amount of $21,000 and $9,000 at December 31, 2022 and December 31, 2021, respectively.

 

On December 31, 2022 the Board of Directors agreed to pay a majority shareholder/board of director for providing working capital and other services to the Company from 1998 to present. The agreement is for $350,000 and is included in consulting expense for each of the year ended December 31, 2022 and is included in accounts payable in the amount of $350,000 at December 31, 2022.

 

The Company had 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 years ended December 31, 2022 and 2021 was $30,000 and is included in accrued board of director compensation in the amount of $31,000 and $1,000 at December 31, 2022 and December 31, 2021, respectively. On December 31, 2022 this contract was terminated. A new compensation agreement was signed beginning January 1, 2023 and ending on December 31, 2028.