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Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Due to Related Party

 

The Company’s officer, Mr. Darin Myman, from time to time, provides advances to the Company for working capital purposes. These advances are short-term in nature and non-interest bearing. During the nine months ended September 30, 2023, the Company repaid $1,315. On September 30, 2024 and December 31, 2023, the Company had a payable to the officer of $0.

 

Research and Development

 

On July 19, 2022, the Company entered into a software development agreement with Metabizz. On February 14, 2023, the Company began consolidating Metabizz as VIEs. For the period from January 1, 2023 to date of consolidation (February 14, 2023), the Company paid Metabizz $185,600 for software development services which is included in research and development expense on the accompanying unaudited consolidated statements of operations.

 

Other

 

See Note 6 for Employment Agreement with the Company’s chief executive officer, Darin Myman.

 

During the nine months ended September 30, 2024 and 2023, the wife of the Company’s chief executive officer was employed as an executive secretary and earned $54,000 and $54,000, respectively.

 

On January 10, 2024, VR Interactive LLC (“VR Interactive”), a company 45% owned by Darin Myman, the Company’s CEO and 3.75% owned by Peter Shelus, the Company’s chief technology officer and director, purchased 8,000,000 shares of Dragon from the Metabizz shareholders for cash amounting to $120,000. Mr. Myman is a partner in VR Interactive. Therefore, VR Interactive, a related party, became a 25% non-controlling interest in Dragon.