Gold Entertainment Group Inc (GEGP)

[Triforce]

Ice Lounge Media (GEGP)

NOTE 5: RELATED PARTY TRANSACTIONS AND RELATIONSHIPS

Related parties

The Company licenses its technology platform from ILMI, under an Agreement which calls for an automatic 12 month renewal each year on October 1, and a monthly payment of $4,167. During the nine months ended September 30, 2022, the Company accrued $37,503 in platform license expense due to ILMI and they also paid certain expenses directly. The Company paid back $33,000 against the loans made by ILMI during the nine months ended September 30, 2022. The Company owes ILMI $469,445 at September 30, 2022. WB Capital, a related party with common principal ownership, provides Merger & Acquisition and project management services to the Company as a consultant. There is no written agreement governing the relationship. The Company accrued $2,500 a month for these services. The Company paid WB Capital $12,500 during the nine months ended September 30, 2022. The Company also owes the President of WB Capital $63,547 for advances made on behalf of the Company. The Company owed WB Capital and the President of the Company $271,547 at September 30, 2022. During the year ended December 31, 2020, the Company entered into a service contract with one of the officers of the Company. The contract began February 1, 2020 and called for $5,000 a month for his services. The Company paid $9,000 against this contract leaving a balance due at December 31, 2020 of $46,000. During the year ended December 31, 2021, the Company accrued the balance of $5,000 owed on the old contract and $33,000 on the new contract that calls for $3,000 a month for his services. The Company accrued the final $3,000 on the contract in the quarter ended March 31, 2022. At September 30, 2022, the Company owes $87,000 on the contract. The Company owed $4,200 to an officer of the Company for expenses paid by the officer for the benefit of the Company. The Company paid $2,100 of the obligation by issuing 4,200 shares of its Common Stock at $.50 per share. The Company owes at September 30, 2022 $15,000 to one of the members of the LLC acquired. At the acquisition of the Subsidiary, the Company acquired debt in total of $100,000 to two of the members and it has paid $85,000 against this liability. The Company entered into a service contract in 2021 with a new Officer and Director of the Company. The Company had accrued $12,000 on this contract for $2,000 a month at December 31, 2021. The Company accrued an additional $18,000 for the nine months ended September 30, 2022 and paid $28,000 against this contract during the nine months ended September 30, 2022. The Company owes this Officer and Director of the Subsidiary $2,000 at September 30, 2022. As of September 30, 2022, the total amount due to ILMI and other related parties and WB Capital was $847,092. The amounts are due on demand and bear no interest.

NOTE 9: COMMITMENTS

License

The Company licenses its technology platform from Ice Lounge Media for $50,000 per year under an initial five year license agreement, which began on October 1, 2010, and was amended on January 1, 2014 for price and service increases. The initial 5 year term expired on October 1, 2015. The License calls for automatic 12 month renewals on the anniversary date. The lease was renewed on October 1, 2017. As of December 31, 2021, the Company is committed to one year of monthly lease payments, or $50,000 for the remainder of the current lease term, expiring on December 31, 2022.

BlockHold Capital Corporation - BHLD

PUBLISH DATE
11/16/2022

Quarterly Report - Financial Statement for Quarter Ended September 30, 2022
https://www.otcmarkets.com/otcapi/company/financial-report/352080/content

Quarterly Report - Quarterly Report - Disclosure Statement for Quarter Ended September 30, 2022
https://www.otcmarkets.com/otcapi/company/financial-report/352079/content