Barry finally posts information about Munchie Magic and how he is compensating himself. Shareholders are the last in line....
On March 1, 2020, the Company signed a one-year Executive Consultant Compensation Agreement with the Company’s CEO for
services to the Company. The Company’s CEO will be compensated with 5,000,000 restricted shares of the Company’s common stock
for services performed from March 1, 2020 to February 28, 2021. These shares were earned on March 1, 2021. The 5,000,000 shares
were valued at $63,500 or $0.0127 per share and recorded as stock compensation in the accompanying consolidated statement of
operations over the term of the contract. As of March 31, 2021, the 5,000,000 shares have not been issued to the Company’s CEO.
On March 1, 2020, a Work for Hire Agreement was signed between the Munchie Magic subsidiary and the Company’s CEO. The
Company’s CEO is compensated with $3,500 cash per month. The agreement requires the Company’s CEO to make a monthly
minimum payment of $1,000 towards his $18,000 note payable to Munchie Magic. In addition, the Company’s CEO will receive a
cash $10,000 bonus for securing the first and second round of funding and additional bonuses for meeting certain milestones. The
Company’s CEO has earned $8,500 and $10,500 under the agreement for the three months ended March 31, 2021 and 2020. The
amount due the Company.
On March 4, 2020, Munchie Magic signed a Royalty Payment Agreement with the Company’s CEO. Under the agreement, the
Company’s CEO will earn a royalty equal to 11.11% of the net profits of the Munchie Magic business and receive 240 shares of Munchie
Magic common stock. In consideration, the Company’s CEO executed and delivered a $18,000 note payable to Munchie Magic. The
note bears interest at 3% and will be paid from amounts due under the Company CEO’s Work for Hire Agreement with Munchie Magic
dated March 1, 2020, which includes a required monthly minimum payment of $1,000 towards the $18,000 note payable to Munchie
Magic. During November 2020, the CEO repaid the note payable and accrued interest.
On March 22, 2021, the Company signed a 180-day Work for Hire Agreement with Prime Vector, LLC for general consulting services
to the Company. Prime Vector, LLC is a Company owned by the Company’s CEO. The Company’s CEO will be paid $10,000 per
month for an aggregate of $60,000 over the term of the contract. The Company’s CEO was paid $10,000 under the agreement for the
three months ended March 31, 2021.
On June 7, 2021, a corporation converted $17,658 of principal and interest into 3,210,536 shares of the Company’s common stock at
$.00555 per share to fully satisfy a convertible promissory note dated June 3, 2019.
MM did about $12K of gross revenue per month and realized about $2K of net revenue per month after it split the proceeds with the mini-marts and grocery stores. Overall it lost money after deducting G&A expenses.
