COMMITMENTS AND CONTINGENCIES
|12 Months Ended|
Dec. 31, 2020
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies Disclosure [Text Block]||
NOTE 7: COMMITMENTS AND CONTINGENCIES
As part of the separation agreement with Mr. Ponce de Leon, the ex–Chief Operating Officer of the Company, the Company agreed to pay him his accrued salary of $1,226,711 within two years but agreed to pay him $200,000 by November 2015 out of revenues earned.
As the Company did not earn revenue in 2015 and as at December 2020 has still not earned revenue, the obligation to Mr. Ponce de Leon of $1,692,861 is currently in default and the amount includes $466,147 in accrued interest. It is the Company’s intention to pay Mr. Ponce de Leon upon the company receiving revenue.
Clean Coal has an operating lease for its executive offices in Manhattan, New York. Effective February 1, 2014, the lease is month to month, at a monthly rate of $200 per month.
In April 2018, the Company secured a permanent location in Wyoming for its test facility at the Fort Union Industrial Park. The term of the lease is three years and calls for rent of $36,000, prepaid. The $36,000 covering three years rent was paid in April 2018 and is being amortized to lease expense using the straight-line method over the three-year term of the lease. During the years ended December 31, 2020 and 2019, the Company recognized $12,000 and $12,000 in amortization of right to use assets, respectively. The lease is scheduled to be renewed for an additional 3 years under the same terms and conditions.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef