Saturday, August 15, 2020 6:25:24 AM
During 2018 and 2019, the Company and GLC had contracted with each other for mutual services and
funding. That resulted in both receivables and payables on the Company’s books, which after being
offset, resulted in a $200,000 credit in the GLC’s favor. At the time, the difference was added to Capital
in Excess of Par signifying GLC’s support of future endeavors with the Company. However, implicit in the
contract was that the Company would indeminify GLC if its operations could not deliver a final product
(blockchain solution) by January 1, 2020, and if not, the Company would be required to issue $200,000 in
common stock to GLC. The Company was unable to deliver on that condition , and decided to award
GLC 20,000,000 shares (at a market value of $0.01), which resulted in a $20,000 Stock Payable at the
date of this report
The Company does regular business with GLC Markets & Research Pte Ltd (GLC) and currently carries a liability for
routine advances for operating expenses. The CEO of the Company and the CEO of GLC are related to each other as
father and daughter
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