RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | Note 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such a time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
During the period ended December 31, 2024, our CEO provided a short-term advance to the Company to cover operating expenses and maintain adequate liquidity. As of December 31, 2024, the total outstanding balance of shareholder advances classified as short-term related party loans was $137,147. These advances are unsecured, non-interest bearing and payable on demand.
The Company has evaluated these transactions in accordance with ASC 850, Related Party Disclosures, and determined that disclosure is required due to the related party nature, absence of formal lending terms, and their significance to the Company’s financial condition and operations.
Management has assessed the classification of these advances and, due to their lack of a formal repayment schedule and demand feature, has appropriately presented the balance as current liabilities in the accompanying balance sheet. |