v3.21.1
SETTLEMENT AGREEMENTS
12 Months Ended
Dec. 31, 2020
SETTLEMENT AGREEMENTS  
NOTE 5 - SETTLEMENT AGREEMENTS

In September 2020, the Company entered in a settlement and mutual release agreement for an option dispute. The options were originally issued in November 2016 to former president of the Company and transferred in September 2017 to former president’s trust. These options were cancelled in Company’s record in 2019.There was a dispute between the trust and the Company as to the expiration date and the Company extinguished the options dispute for $30,000, which is presented as other expense in condensed consolidated statements of operations.

 

In 2020, the Company entered in settlement agreements with four of its third-party creditors, extinguishing $107,942 of Company’s accounts payable for total settlement amount of $20,205. As a result, the Company recognized $85,025 gain on debt settlement, which is presented as other income in condensed consolidated statements of operations.