RELATED PARTY TRANSACTIONS AND BALANCES |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| RELATED PARTY TRANSACTIONS AND BALANCES | |
| NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 5: RELATED PARTY TRANSACTIONS AND BALANCES
An officer of the Company agreed to defer portions of his salaries annually since inception. The balances due under this arrangement were $602,294 and $420,702 as of September 30, 2021 and December 31, 2020, respectively. This balance has no formal repayment terms or interest.
The same officer of the Company advances funds to the Company and receives repayments on such advances throughout the year in the form of allowing Company use of personal credit cards. The balances due under this arrangement as of September 30, 2021 and December 31, 2020 were $6,264 and $8,584, respectively. |