Related Party Transactions

9 Months Ended

Sep. 30, 2022

Note 3 – Related Party Transactions

During the nine months ended September 30,2022 and 2021,

	·	the Company’s controlling shareholder advanced to the Company an amount of $0 and $74,184, respectively, to pay certain expenses on behalf of the Company.

	·	the Company paid $2,000 management fees to the former officer and director of the Company who resigned on May 21, 2021.

	·	the Company paid $9,000 and $4,000, respectively, management fees to the sole officer and director of the Company.

	·	On June 30, 2022, the Company’s Board of Directors approved the issuance of 50,000 shares of common stock to the Company’s sole officer and director as compensation. On July 11, 2022, the 50,000 shares of common stock were issued. The Company evaluated 50,000 shares issued at last the Company’s stock transaction of $0.03 per share for amount of $1,500.

Notes payable – Related Parties

The components of notes payable to related parties as of September 30,2022 and December 31,2021 were as follows:

Relationship	Issuance date	Principal Amount		Maturity date	Interest rate			September 30, 2022		December 31, 2021
Shareholder	May 10, 2021	$	100,000	May 9, 2022		6	%	$	-	$	100,000
Shareholder	September 28, 2021	$	15,000	September 27, 2022		6	%		-		15,000
Shareholder	October 27, 2021	$	5,250	October 26, 2022		6	%		-		5,250
Shareholder	November 29, 2022	$	8,500	November 29, 2022		6	%		-		8,500
Shareholder	January 18, 2022	$	15,000	January 18, 2023		6	%		-		-
Shareholder	March 1, 2022	$	19,500	March 1, 2023		6	%		-		-
Shareholder	March 1, 2022	$	20,000	March 1, 2023		6	%		-		-
Total notes payable - related party									-		128,750
Current portion									-		(128,750	)
Long-term portion								$	-	$	-

During the nine months ended September 30, 2022 and 2021, the Company received $54,500 and $115,000 loans and repaid the outstanding promissory notes of $183,259 and $0, respectively.

During the nine months ended September 30, 2022, the Company recorded interest expense of $3,157 and repaid $4,353 of interest. During the nine months ended September 30, 2021, the Company recorded interest expense of $2,356 and repaid $1,500 of interest.

As of September 30, 2022 and December 31, 2021, the outstanding balances of promissory notes and accrued interest were $0 and $0 and $128,750 and $1,196, respectively.

MED SPA VACATIONS INC. 10-Q