Quarterly report pursuant to Section 13 or 15(d)

NOTE 7: INVESTMENT IN THIRD PARTY

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NOTE 7: INVESTMENT IN THIRD PARTY
9 Months Ended
Sep. 30, 2019
Notes  
NOTE 7: INVESTMENT IN THIRD PARTY

NOTE 7: INVESTMENT IN THIRD PARTY

 

On June 11, 2019 the Company entered in operating agreement as 1/3 member of KAM Industries, LLC, a Wyoming Limited Company. On June 18, 2019 KAM Industries LLC, entered into Joint Venture Agreement to receive a percentage of the industrial hemp harvest yield on a parcel of land in Wayne County, North Carolina owned by FarmShare, LLC with whom KAM contracted to purchase a percentage of the hemp harvest for the 2019 growing season. Once the hemp is harvested from the 2019 growing season The Company will get its 1/3 share at no additional cost. The agreement then expires unless renewed for 2020 with an additional payment. The Company paid 33.3% of the KAM Industries, LLC and recorded $27,490 as current asset as of September 30, 2019. This investment is counted by using cost method of accounting.