RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

NOTE 11 – RELATED PARTY TRANSACTIONS

Due to related party

As of December 31, 2021 and 2020, the Company recorded due to related parties as follows. The loan is non-interest bearing and due on demand.

	December 31,		December 31,
	2021		2020
Loan from directors	$	24,193	$	90,826
Loan from related party		-		16,712
	$	24,193	$	107,538

During the years ended December 31, 2021 and 2020, the Company borrowed $10,131 and $2,500 from a director and a related party respectively and repaid $107,538 and $23,556 to the related parties, respectively.

During the year ended December 31, 2020, the Company offered and sold 4,250,000 shares of common stock valued at $56,649 to a director in exchange for consideration of performance as an officer and director of the Company and issued 250,000 shares of common stock valued at $3,332 to a related party for services rendered. A further 2,206,619 shares of common stock were to a related party for settlement of debt of $110,331.

Phoenix Rising Companies 10-K/A