Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

Related Party Transactions

Note 12 – Related Party Transactions

During the nine months ended September 30, 2022, our former officer forgave $9,355 in accrued salary and the Company recognized it as additional paid-in-capital.

During the nine months ended September 30, 2022 a related party advanced to the Company an amount of $584,484 and paid $97,819 for operating expenses on behalf of the Company. The Company repaid $55,720 owing of the loan.

During the nine months ended September 30, 2022, as part of the Company’s divestiture of its digital asset operations, a related party forgave loans payable of $301,175 in exchange for digital asset equipment with a net book value of $276,379 and digital currency intangible assets of $26,825, of which the Company recorded a loss on disposition of $2,030.

During the nine months ended September 30, 2022, the Company paid $92,000 consulting to an entity under common control of a related party and $59,500 commission to a related party.

As of September 30, 2022, and December 31, 2021, the Company was obliged to related parties, for unsecured, non-interest-bearing demand loans with a balance of $688,402 and $372,349, respectively.