|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
Note 9 – Subsequent Transactions
On July 9, 2021, Krypto Ventures, Inc. formerly known as KryptoBank Co. issued an unsecured promissory note in the amount of $25,000 to Lyons Capital LLC, a significant shareholder of Krypto Ventures, Inc. The note carries an interest rate of 12% per annum and is due on the earlier of July 8, 2022 or the date on which Krypto Ventures, Inc. raises at least $200,000 from investors.
On July 27, 2021 the shareholders of Krypto Ventures Inc, formerly known as KryptoBank Co., including the Company, agreed to change the name from KryptoBank Co. to Krypto Ventures Inc.
On July 29, 2021, the Company sold its minority interest in Krypto Ventures Inc, formerly known as KryptoBank Co. to W Technologies Inc, an unrelated party, in exchange for shares of common stock of W Technologies Inc.
On August 3, 2021 the Company applied for loan forgiveness for the $34,500 note received on May 7, 2020 from Wells Fargo Bank as part of the Paycheck Protection Program under the CARES Act. On August 13, 2021, the Company received notification that the loan, along with accrued interest were fully forgiven.
On August 4, 2021, The Farkas Group, a related party, loaned the Company $15,000, unsecured for one year and one day at an interest rate of 8%.
The coronavirus pandemic may adversely impact our operations and demand for our products and services and our ability to find new clients. This is due in part to restrictions such as: social distancing requirements; stay at home orders and the shutdown of non-essential businesses and the impact these restrictions have on small businesses and their ability to generate revenues which effects their ability to afford our services.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef