Note 3 - Related-party Transactions | Note 3 – Related Party Transactions (i) During the three months ended March 31, 2022 and 2021, the Company’s controlling shareholder advanced to the Company an amount of $0 and $74,184, respectively, to pay certain expenses on behalf of the Company. (ii) During the three months ended March 31, 2022 and 2021, the Company paid $3,000 and $1,000 of management fees to the Director of the Company. Note payable – related party On May 10, 2021, the Company received a loan of $100,000 from Peter L. Coker, Sr., a shareholder of the Company. To evidence said loan, the Company issued to Mr. Coker a promissory note in the principal amount of $100,000 (in this case, the “Note”), with a maturity date of May 9, 2022. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $1,500 per quarter, on the following dates: August 10, 2021, November 10, 2021, February 10, 2022, and May 10, 2022. The Company may prepay any amounts due under the Note without penalty or premium. On September 28, 2021, the Company received a loan of $15,000 from Peter L. Coker, Sr., a shareholder of the Company. To evidence said loan, the Company issued to Mr. Coker a promissory note in the principal amount of $15,000 (in this case, the “Note”), with a maturity date of September 27, 2022. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $225 per quarter, on the following dates: December 28, 2021, March 28, 2022, June 28, 2022, and September 27, 2022. The Company may prepay any amounts due under the Note without penalty or premium. On March 29, 2022, the Company repaid in full all outstanding principal note of $15,000 and an interest of $225. The Company did not incur any early termination penalties as a result of the repayment of indebtedness and termination of the loan. On October 27, 2021, the Company received a loan of $5,250 from Peter L. Coker, Sr., a shareholder of the Company. To evidence said loan, the Company issued to Mr. Coker a promissory note in the principal amount of $5,250 (in this case, the “Note”), with a maturity date of October 26, 2022. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $78.75 per quarter, on the following dates: January 27, 2022, April 27, 2022, July 27, 2022, and October 26, 2022. The Company may prepay any amounts due under the Note without penalty or premium. On November 29, 2021, the Company received a loan of $8,500 from Fiesta Homes, LLC (“Fiesta”), which controlled by family member of a shareholder of the Company. To evidence said loan, the Company issued to Fiesta a promissory note in the principal amount of $8,500 (in this case, the “Note”), with a maturity date of November 29, 2022. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $127.50 per quarter, on the following dates: February 28, 2022, May 31, 2022, August 29, 2022, and November 29, 2022. The Company may prepay any amounts due under the Note without penalty or premium. On January 18, 2022, the Company received a loan of $15,000 from 12804 Morehead Investments, LLC (“Morehead”), which controlled by a shareholder of the Company. To evidence said loan, the Company issued to Morehead a promissory note in the principal amount of $15,000 (in this case, the “Note”), with a maturity date of January 18, 2023. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $225 per quarter, on the following dates: April 18,2022, July 18, 2022, October 18, 2022, and January 18, 2023. The Company may prepay any amounts due under the Note without penalty or premium On March 1, 2022, the Company received a loan of $19,500 from Morehead, which controlled by a shareholder of the Company. To evidence said loan, the Company issued to Morehead a promissory note in the principal amount of $19,500 (in this case, the “Note”), with a maturity date of March 1, 2023. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $292.50 per quarter, on the following dates: June 1, 2022, September 1, 2022, December 1, 2022, and March 1, 2023. The Company may prepay any amounts due under the Note without penalty or premium On March 1, 2022, The Company received a loan of $20,000 from Peter L. Coker, Sr., a shareholder of the Company. To evidence said loan, the Company issued to Mr. Coker a promissory note in the principal amount of $20,000 (in this case, the “Note”), with a maturity date of March 1, 2023. Interest on the Note accrues on the principal amount at the rate of six percent (6%) per annum, and shall be paid on a quarterly basis, in the amount of $300 per quarter, on the following dates: June 1,2022, September 1, 2022, December 1, 2022, and March 1, 2023. The Company may prepay any amounts due under the Note without penalty or premium During the three months ended March 31, 2022, the Company recorded interest expense of $2,273 and repaid $2,156 of interest. As of March 31, 2022, the outstanding balances of promissory note – related party and accrued interest were $168,250 and $1,313, respectively. |