RELATED PARTY TRANSACTIONS
|9 Months Ended|
Sep. 30, 2022
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 9 – RELATED PARTY TRANSACTIONS
Other than as set forth below, and as disclosed in Notes 5 and 7, there have not been any transaction entered into or been a participant in which a related person had or will have a direct or indirect material interest.
Mr. Ferrell was hired March 9, 2022 as the Company’s Chief Financial Officer. Mr. Ferrell receives an annual base salary of $250,000, plus discretionary bonus compensation not to exceed 40% of salary. Mr. Ferrell’s employment also provides for medical insurance, disability benefits and three months of severance pay if his employment is terminated without cause or due to a change in control. Additionally, Mr. Ferrell will be granted up to options to purchase of the Company’s common shares upon the implementation of a Company employee option plan. As of September 30, 2022, the Company has not implemented an option plan and therefore, no options have been granted. The Company incurred compensation expense of $ and $ and $ and $ and employee benefits of $7,708 and $15,424 and $0 and $0 for the three and nine months ended September 30, 2022 and 2021, respectively.
No definition available.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef