Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 3 – RELATED PARTY TRANSACTIONS

As of December 31, 2020, the Company had notes payable to a related party of $187,500. On May 22, 2020, the Company entered into a Separation and Release Agreement (the “Separation Agreement”) with Wais Asefi. Pursuant to the Separation Agreement, Mr. Asefi agreed to separate from all officer positions and as a director of the Company and to further accept the payment of $200,000 from the Company’s future fundraising as consideration of all debts outstanding under Mr. Asefi’s employment agreement with the Company. Mr. Asefi further agreed to cancel his 4,000,000 shares of Series A Preferred Stock and to transfer his 2,000,000 shares of Series C Preferred Stock to Geoffrey Selzer, the Company’s current CEO and Director. Mr. Asefi further released the Company of all claims.

On May 22, 2020, the 4,000,000 shares of Series A Preferred Stock were returned to the Company’s transfer agent and cancelled and on May 22, 2020 the 2,000,000 shares of Series C Preferred Stock were transferred to Mr. Selzer. The parties to the Separation Agreement agreed to a payment schedule of $200,000 based on future monies raised by the Company - and not on a specific date – as follows:

● $12,500 when the initial $250,000 is raised by the Company;

● $12,500 when a total of $500,000 is raised by the Company;

● $10,000 when a total of $750,000 is raised by the Company;

● $35,000 when a total of $1,750,000 is raised by the Company;

● $35,000 when a total of $2,750,000 is raised by the Company;

● $35,000 when a total of $3,750,000 is raised by the Company;

● $35,000 when a total of $4,750,000 is raised by the Company; and

● $25,000 when a total of $5,750,000 is raised by the Company.

The Company made a payment of $12,500 on the payable to related parties as of December 31, 2020.