Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2021
LOAN PAYABLE, RELATED PARTIES  
NOTE 12 - RELATED PARTY TRANSACTIONS

NOTE 12 – RELATED PARTY TRANSACTIONS

 

Loan Payable – Related Party

 

See “Note 6 – Loan Payable, Related Parties” for disclosure of loans payable to related parties.

 

Employment Agreement

 

See “Note 11 – Commitments and Contingencies” for disclosure of the employment agreements with the former Chief Executive Officer and current and former Chief Financial Officer.

 

Building Lease

 

As of December 31, 2021, the Company rents its office space from M&M Keego Center LLC. This entity is controlled by an immediate family member of a principal shareholder. The Company rents space on a month-to-month basis. The Company paid the related party $60,000 and $48,000 for the years ended December 31, 2021, and December 31, 2020 respectively for use of the office. See “Note 14 – Subsequent Events”.

 

Stock Issuances

 

On June 2, 2021, the Company completed its public offering of units consisting of common stock and warrants. Two of the Company’s directors participated in the offering; Chris Maggiore purchased 100,000 units, and Alison Cornell purchased 15,000 units.