Transactions with Related Persons |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Persons | NOTE 5 – Transactions with Related Persons
Mr. Michael Mitsunaga, our President and Director, has made interest-bearing advances to the Company at an interest rate of 8% commencing on October 1, 2021. As of June 30, 2022 and December 31, 2021 the principal balance due to Mr. Mitsunaga was $139,955 and $97,433, respectively. Accrued interest on the same dates was $7,385 and $1,862, respectively. During the three month ended June 30, 2022 pursuant to the terms of a Promissory Note with the Company, Mr. Mitsunaga advanced $7,512 to the Company to help fund its operation. Mr. Mitsunaga has the right to convert $35,000 of his loan balance (included in the balance of $139,955 above) in 36,000,000 shares of the Company’s common stock. On March 4, 2022 when the Promissory Note was executed the trading price of the Company’s common stock was $0.52. As a result the company record stock based compensation, related party of $1 on its statement of operations for the excess value included in the conversion right.
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