DEBT TRANSACTIONS	9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT TRANSACTIONS	NOTE 3 – DEBT TRANSACTIONS Promissory Note Payable On December 15, 2020, the Company issued a promissory note to U.S. Affiliated, Inc. for $10,500 of cash consideration. The note bears interest at 6% and matures on December 14, 2023. The Loan included fees of $500. During the period ended December 31, 2020 the company paid the loan fees of $500 and recorded them as a discount against the note. The Company recognized interest expense of $558 and $0 for the periods ended September 30, 2021 and 2020. The company also recognized amortization expense of $500 on the promissory note. As of September 30, 2021, and December 31, 2020, the Company owed $0 and $10,000, respectively, on the promissory note. Note payable On March 10, 2021, the Company entered into a Note (Line of Credit Agreement) with U.S. Affiliated, Inc. an unrelated third party for $100,000 maturing on April 1, 2024. The Line of Credit bears interest at 10% simple interest per annum. The company drew down $9,500 during the period ending September 30, 2021. The Company recognized interest expense for both loans for the nine-month period ending September 30, 2021 of $558. On September 24, 2021, the Company entered into a settlement agreement with U.S. Affiliated, Inc. for the repayment of the promissory note and line of credit. On that date, the parties agreed that the principal and interest outstanding on the promissory note was $10,338, and on the line of credit was $10,248. Both loans were paid in full on September 24, 2021.

DEBT TRANSACTIONS

9 Months Ended

Sep. 30, 2021

NOTE 3 – DEBT TRANSACTIONS

Promissory Note Payable

On December 15, 2020, the Company issued a promissory note to U.S. Affiliated, Inc. for $10,500 of cash consideration. The note bears interest at 6% and matures on December 14, 2023. The Loan included fees of $500. During the period ended December 31, 2020 the company paid the loan fees of $500 and recorded them as a discount against the note. The Company recognized interest expense of $558 and $0 for the periods ended September 30, 2021 and 2020. The company also recognized amortization expense of $500 on the promissory note. As of September 30, 2021, and December 31, 2020, the Company owed $0 and $10,000, respectively, on the promissory note.

Note payable

On March 10, 2021, the Company entered into a Note (Line of Credit Agreement) with U.S. Affiliated, Inc. an unrelated third party for $100,000 maturing on April 1, 2024. The Line of Credit bears interest at 10% simple interest per annum. The company drew down $9,500 during the period ending September 30, 2021.

The Company recognized interest expense for both loans for the nine-month period ending September 30, 2021 of $558.

On September 24, 2021, the Company entered into a settlement agreement with U.S. Affiliated, Inc. for the repayment of the promissory note and line of credit. On that date, the parties agreed that the principal and interest outstanding on the promissory note was $10,338, and on the line of credit was $10,248. Both loans were paid in full on September 24, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Drax, Industries Inc. 10-Q