Cordia (CORG) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 16, 2021
Details
Registrant CIK	0000837342
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	33-23473
Entity Registrant Name	Cordia Corporation
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	11-2917728
Entity Address, Address Line One	401 Ryland St.
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89502
Country Region	213
City Area Code	915
Local Phone Number	6673
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,611,574
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
CURRENT
Cash	$ 100	$ 3,035
Prepaid Expense, Current	0	0
TOTAL ASSETS	100	3,035
LIABILITIES
Accounts payable and accrued liabilities	817	3,717
Note payable - Peter Klamka	48,648	12,010
Note payable - other	20,000	20,000
Liabilities	69,465	35,727
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value, 105,000,000 shares authorized - issued and outstanding - 13,611,574, December 31, 2020 - 13,611,574	13,612	13,612
Treasury shares - 347,544, 2018 - 347,544	(348)	(348)
Additional paid in capital	8,235,784	8,235,784
Retained Earnings (Accumulated Deficit)	(8,318,413)	(8,281,740)
Total Stockholders Deficit	(69,365)	(32,692)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 100	$ 3,035

CONSOLIDATED BALANCE SHEETS - P

CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Details
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	105,000,000	105,000,000
Common Stock, Shares, Outstanding	13,611,574	13,611,574
Common Stock, Shares, Issued	13,611,574	13,611,574
Treasury Stock, Shares	347,544	347,544

CONSOLIDATED INTERIM STATEMENTS

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Details
SALES	$ 207	$ 30,423
COST OF SALES	0	17,630
GROSS PROFIT	207	12,793
OPERATING EXPENSES
Professional fees	9,740	0
Licence fees	15,000
General and administrative	11,540	315
Total Operating Expenses	36,280	315
Operating Income(Loss)	(36,073)	12,478
Interest paid	(600)	0
Net Income(Loss)	$ (36,673)	$ 12,478
Weighted average number of common shares outstanding	13,611,574	13,611,574
Net Income(Loss) per common share - Basic and fully diluted	$ 0	$ 0

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT - 6 months ended Jun. 30, 2021 - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020	$ 13,612	$ 8,235,784	$ (8,281,740)	$ (32,344)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	13,611,574
Net Income(Loss)	$ 0	0	(36,673)	(36,673)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2021	$ 13,612	$ 8,235,784	$ (8,318,413)	$ (69,017)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	13,611,574

CONSOLIDATED INTERIM STATEMEN_2

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net loss	$ (36,673)	$ 12,478
Changes in operating assets and liabilities
Prepaid expenses	0	0
Accounts payable	(2,900)	0
Net Cash Used in Operating Activities	(39,573)	12,478
Cash Flows from Financing Activities
Notes payable - net changes	36,638	(3,493)
Net Cash Provided by Financing Activities	36,638	(3,493)
Net Change in Cash	(2,935)	8,985
Cash and Cash Equivalents - Beginning of period	3,035	0
Cash and Cash Equivalents - End of period	$ 100	$ 8,985

1. NATURE OF THE BUSINESS AND B

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Notes
1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION Description of Business Cordia Corporation. (the Company) was incorporated in the State of Nevada on April 28, 2000 under the name CyberOpticLabs Inc. On May 25, 2001, the Company filed Articles of Amendment to change the name to Cordia Corporation. The Company is headquartered in Las Vegas, Nevada. The Company’s focus starting in 2020, is on the emerging field of ghost kitchens and virtual restaurants. The Company seeks to build its business based on meeting customer demand for unique on-premises dining and premises convenience. The Company’s plan is to create a portfolio of virtual restaurants appealing to a broad customer base. The Company is actively seeking to acquire locations for ghost kitchens to meet the growth in app-based ordering. Virtual Dining Brands, LLC, a wholly owned subsidiary is organizing a network of social media influencers to support each launch. All of its celebrity and brand partners will be contractually required to regularly post on their social channels. Additionally, the company is working with a variety of influencers ranging from micro influencers in specific cities to recognized food accounts with significant followings to promote the company’s menus. The Company is also developing a TikTok inspired kitchen in Los Angeles which will allow its chefs, influencers and brands to develop short form promotional content for the company’s branded restaurants. Basis of Presentation The financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has an accumulated deficit of $8,318413 as of June 30, 2021. The Company commenced operations in 2020. The Company cannot be certain that it will be successful in these strategies or whether it will require additional funding, nor is it certain that the required funding will be obtained.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Notes
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of intangible assets. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, O Simplifying the Test for Goodwill Impairment New Accounting Pronouncement In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes Cash Equivalents and Short-Term Investments For purposes of the statement of cash flows, cash equivalents include demand deposits, money market funds, and all highly liquid debt instructions with original maturities of three months or less. Financial Instruments The FASB issued ASC 820-10, Fair Value Measurements and Disclosures - Level 1: Quoted prices in active markets for identical assets or liabilities - Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. - Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Concentrations and Credit Risk The Company’s financial instruments that are exposed to concentrations and credit risk primarily consist of its cash, and accounts payable. Cash Foreign Currency Translation The accounts of the Company are accounted for in accordance with the Statement of Financial Accounting Statements No. 52 (“SFAS 52”), “Foreign Currency Translation”. The financial statements of the Company are translated into US dollars as follows: assets and liabilities at year-end exchange rates; income, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rate. Monetary assets and liabilities, and the related revenue, expense, gain and loss accounts, of the Company are re-measured at year-end exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, gain and loss accounts are re-measured at historical rates. Adjustments which result from the re-measurement of the assets and liabilities of the Company are included in net income. Share-Based Compensation ASC 718, Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees As of June 30, 2021 and 2020, respectively, there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted. There have been no options granted during the six months ended June 30, 2021 and 2020 respectively. Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies Earnings Per Share Net income (loss) per share is calculated in accordance with ASC 260, Earnings Per Share Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at June 30, 2021 and June 30, 2020 respectively. Due to net operating losses, there is no presentation of dilutive earnings per share, as it would be anti-dilutive. Forgiveness of Indebtedness The Company follows the guidance of AS 470.10 related to debt forgiveness and extinguishment. Debts of the Company are considered extinguished when the statute of limitations in the applicable jurisdiction expire, or when terminated by judicial authority such as the granting of a declaratory judgment. Debts to related parties or shareholders are treated as capital transactions when forgiven or extinguished and credited to additional paid in capital. Debts to non-related parties are treated as other income when forgiven or extinguished.

3. NOTE PAYABLE

3. NOTE PAYABLE	6 Months Ended
	Jun. 30, 2021
Notes
3. NOTE PAYABLE	3. NOTE PAYABLE Amounts due to Peter Klamka, are unsecured, non-interest bearing and have no fixed terms of repayment. Amounts due to Lyons Capital Inc. are unsecured, and bear interest at the annual rate of 6%. The loan due date has been extended to December 31, 2021.

4. INCOME TAXES

4. INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Notes
4. INCOME TAXES	4. INCOME TAXES Income taxes are provided based upon the liability method. Under this approach, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end. A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the “more likely than not” standard imposed by accounting standards to allow recognition of such an asset. Deferred tax assets/liabilities were as follows as of June 30, 2021 and 2020: Description 2021 2020 Net operating loss carry forward $ 8,318,413 $ 8,267,798 Valuation allowance (8,318,413) (8,267,798) Total $ - $ - As of June 30, 2021, the Company expected no net deferred tax assets to be recognized, resulting from net operating loss carry forwards. Deferred tax assets were offset by a corresponding allowance of 100%.

5. BUSINESS ACQUISITION

5. BUSINESS ACQUISITION	6 Months Ended
	Jun. 30, 2021
Notes
5. BUSINESS ACQUISITION	5. LICENSE AGREEMENTS In December 2020, the Company entered into 3 separate and identical license agreements for the use of the names of Holly Niederkohr, Denise Richards and Carmen Electra as endorsers of proposed advertisements, promotions and sale of Company products for a term of 36 months. Compensation for each of the participants in the license agreements is as follows: Holly Niederkohr A royalty compensation of 40% of the gross receipts of the Licensed Products sold calculated on a monthly basis. Holly Niederkohr is also entitled to purchase 200,000 shares of restricted common stock of the Company, for a price of $1.00 per share. Denise Richards A royalty compensation of 20% of the gross receipts of the Licensed Products sold calculated on a monthly basis. The minimum annual guarantee of compensation will be $50,000. Upon execution of this agreement, the Company paid an advance amount of $5,000. An additional $5,000 shall be paid upon approval by Richards and the Company of the menu. Additionally, Denise Richards is entitled to purchase 500,000 shares of restricted common stock of the Company, for a price of $1.00 per share. Denise Richards is also entitled to an additional cash payment of $50,000 upon the closing of any equity financing for the Company in excess of $2,000,000. In the event that the control of the Company is sold to a third party or the Company commences trading on the New York or Nasdaq Stock Exchange, Richards is entitled to receive an additional $250,000 at closing or on the first day of trading. Carmen Electra A royalty compensation of 20% of the gross receipts of the Licensed Products sold calculated on a monthly basis. The minimum annual guarantee of compensation will be $50,000. Upon execution of this agreement, the Company paid an advance amount of $5,000. An additional $5,000 shall be paid upon approval by Electra and the Company of the menu. Carmen Electra is entitled to purchase 200,000 shares of restricted common stock of the Company, for a price of $1.00 per share.

6. SUBSEQUENT EVENTS

6. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Notes
6. SUBSEQUENT EVENTS	6. SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of filing the financial statements with OTC Markets, the date the consolidated financial statements were available to be issued. Management is not aware of any significant events that occurred subsequent to the balance sheet date that would have a material effect on the consolidated financial statements thereby requiring adjustment or disclosure except as follows: On July 7, 2021, the Company entered into a Securities Purchase Agreement with Leonite Fund 1 LLC.(“Leonite”), whereby Leonite would advance to the Company a total of $500,000. The Company will issue a convertible note for a total consideration of $568,181.82 with a discount of $68,181.82 given back to Leonite. The convertible note bears interest at the greater of bank prime plus 6% or 12% per annum. As part of the consideration for the advancing of funds, the Company will issue to Leonite, 50,000 shares of restricted common stock and the issuance of stock warrants for a total of 200,000 shares of restricted common shares at $1.00 per share. These warrants expire on July 7, 2026. To date the Company has received $250,000 from Leonite which is due July 2022.

2. SUMMARY OF SIGNIFICANT ACC_2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of intangible assets.

2. SUMMARY OF SIGNIFICANT ACC_3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, O Simplifying the Test for Goodwill Impairment

2. SUMMARY OF SIGNIFICANT ACC_4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: New Accounting Pronouncement (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
New Accounting Pronouncement	New Accounting Pronouncement In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes

2. SUMMARY OF SIGNIFICANT ACC_5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash Equivalents and Short-Term Investments (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Cash Equivalents and Short-Term Investments	Cash Equivalents and Short-Term Investments For purposes of the statement of cash flows, cash equivalents include demand deposits, money market funds, and all highly liquid debt instructions with original maturities of three months or less.

2. SUMMARY OF SIGNIFICANT ACC_6

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Financial Instruments (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Financial Instruments	Financial Instruments The FASB issued ASC 820-10, Fair Value Measurements and Disclosures - Level 1: Quoted prices in active markets for identical assets or liabilities - Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. - Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

2. SUMMARY OF SIGNIFICANT ACC_7

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Concentrations and Credit Risk (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Concentrations and Credit Risk	Concentrations and Credit Risk The Company’s financial instruments that are exposed to concentrations and credit risk primarily consist of its cash, and accounts payable. Cash

2. SUMMARY OF SIGNIFICANT ACC_8

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Foreign Currency Translation	Foreign Currency Translation The accounts of the Company are accounted for in accordance with the Statement of Financial Accounting Statements No. 52 (“SFAS 52”), “Foreign Currency Translation”. The financial statements of the Company are translated into US dollars as follows: assets and liabilities at year-end exchange rates; income, expenses and cash flows at average exchange rates; and shareholders’ equity at historical exchange rate. Monetary assets and liabilities, and the related revenue, expense, gain and loss accounts, of the Company are re-measured at year-end exchange rates. Non-monetary assets and liabilities, and the related revenue, expense, gain and loss accounts are re-measured at historical rates. Adjustments which result from the re-measurement of the assets and liabilities of the Company are included in net income.

2. SUMMARY OF SIGNIFICANT ACC_9

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Share-Based Compensation (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Share-Based Compensation	Share-Based Compensation ASC 718, Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees As of June 30, 2021 and 2020, respectively, there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted. There have been no options granted during the six months ended June 30, 2021 and 2020 respectively.

2. SUMMARY OF SIGNIFICANT AC_10

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes

2. SUMMARY OF SIGNIFICANT AC_11

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Commitments and Contingencies (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Commitments and Contingencies	Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies

2. SUMMARY OF SIGNIFICANT AC_12

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Earnings Per Share (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Earnings Per Share	Earnings Per Share Net income (loss) per share is calculated in accordance with ASC 260, Earnings Per Share Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at June 30, 2021 and June 30, 2020 respectively. Due to net operating losses, there is no presentation of dilutive earnings per share, as it would be anti-dilutive.

2. SUMMARY OF SIGNIFICANT AC_13

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Forgiveness of Indebtedness (Policies)	6 Months Ended
	Jun. 30, 2021
Policies
Forgiveness of Indebtedness	Forgiveness of Indebtedness The Company follows the guidance of AS 470.10 related to debt forgiveness and extinguishment. Debts of the Company are considered extinguished when the statute of limitations in the applicable jurisdiction expire, or when terminated by judicial authority such as the granting of a declaratory judgment. Debts to related parties or shareholders are treated as capital transactions when forgiven or extinguished and credited to additional paid in capital. Debts to non-related parties are treated as other income when forgiven or extinguished.

4. INCOME TAXES_ Deferred tax a

4. INCOME TAXES: Deferred tax assets/liabilities were as follows as of June 30, 2021 and 2020 (Tables)	6 Months Ended
	Jun. 30, 2021
Tables/Schedules
Deferred tax assets/liabilities were as follows as of June 30, 2021 and 2020:	Description 2021 2020 Net operating loss carry forward $ 8,318,413 $ 8,267,798 Valuation allowance (8,318,413) (8,267,798) Total $ - $ -

1. NATURE OF THE BUSINESS AND_2

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Details
Retained Earnings (Accumulated Deficit)	$ 8,318,413	$ 8,281,740

4. INCOME TAXES_ Deferred tax_2

4. INCOME TAXES: Deferred tax assets/liabilities were as follows as of June 30, 2021 and 2020 (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Details
Deferred Tax Assets, Operating Loss Carryforwards	$ 8,318,413	$ 8,267,798
Deferred Tax Assets, Valuation Allowance	(8,318,413)	(8,267,798)
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0

5. BUSINESS ACQUISITION (Detail

5. BUSINESS ACQUISITION (Details)	6 Months Ended
	Jun. 30, 2021
Holly Niederkohr - Licensing Agreement
Description of Licensing Agreement Compensation	A royalty compensation of 40% of the gross receipts of the Licensed Products sold calculated on a monthly basis. Holly Niederkohr is also entitled to purchase 200,000 shares of restricted common stock of the Company, for a price of $1.00 per share.
Denise Richards - Licensing Agreement
Description of Licensing Agreement Compensation	A royalty compensation of 20% of the gross receipts of the Licensed Products sold calculated on a monthly basis. The minimum annual guarantee of compensation will be $50,000. Upon execution of this agreement, the Company paid an advance amount of $5,000. An additional $5,000 shall be paid upon approval by Richards and the Company of the menu.
Description of Licensing Agreement Compensation, Cont.	Additionally, Denise Richards is entitled to purchase 500,000 shares of restricted common stock of the Company, for a price of $1.00 per share.
Description of Licensing Agreement Compensation, Cont. 2	Denise Richards is also entitled to an additional cash payment of $50,000 upon the closing of any equity financing for the Company in excess of $2,000,000.
Description of Licensing Agreement Compensation, Cont. 3	In the event that the control of the Company is sold to a third party or the Company commences trading on the New York or Nasdaq Stock Exchange, Richards is entitled to receive an additional $250,000 at closing or on the first day of trading.
Carmen Electra - Licensing Agreement
Description of Licensing Agreement Compensation	A royalty compensation of 20% of the gross receipts of the Licensed Products sold calculated on a monthly basis. The minimum annual guarantee of compensation will be $50,000. Upon execution of this agreement, the Company paid an advance amount of $5,000. An additional $5,000 shall be paid upon approval by Electra and the Company of the menu.
Description of Licensing Agreement Compensation, Cont.	Carmen Electra is entitled to purchase 200,000 shares of restricted common stock of the Company, for a price of $1.00 per share.