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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

  

The Company has evaluated subsequent events through the date the financial statements were available to issue.

 

On April 1, 2022, the Company entered into a lease agreement for approximately 2,000 square feet of office and warehouse space located in Houston, Texas. Commencing on April 1, 2022, the Company entered into a month-to-month lease with JVS Holdings, Inc. The lease may be terminated at any time or for any reason with a 30-day written notice to terminate. The lease requires a monthly lease payment of $2,000 as long as the Company remains in the space.

 

On April 1, 2022 the Company amended a note payable with a principal balance of $334,775 to extend the note’s maturity date to April 1, 2023, with monthly payments of approximately $29,432 until paid in full.

 

On April 26, 2022, the Company entered into a 10-year contract with Hot Oil Transport, LLC, a supplier of asphalt materials. The quantity of product purchased pursuant to the agreement shall be 1,000 tons of product per week, or the entirety of any lesser amount that may be produced by the Company during any given week. Buyer shall also have the first right of refusal to purchase all or any portion of additional product that may be produced by the Company within the state of Utah. Subject to the Company’s right to continue operating at the current plant site in Vernal, the agreement shall automatically renew for two successive 10-year terms unless either party terminates the agreement by written notice to the other party not less than three months prior to the expiration of the initial term or any renewal term.

 

Subsequent to March 31, 2022, VWFI has raised $130,000 in conjunction with the $25,000,000 private placement offering to sell convertible promissory notes, which convert to VWFI LLC units, to accredited investors to raise funds to manufacture equipment that manufacture RPC Series B. Subsequent to March 31, 2022, VWFI has also converted $315,000 of convertible debt into VWFI LLC units.