Related Party Transactions
|6 Months Ended|
Jun. 30, 2019
|Related Party Transactions|
|Note 5 - Related Party Transactions||
The Companys CEO and Director, James Doris has incurred expenses on behalf of, and made advances to, the Company in order to provide the Company with funds to carry on its operations. As of June 30, 2019, the total amount due to Mr. Doris for unreimbursed expenses is $6,183, and is included in accounts payable. Additionally, Mr. Doris has made several loans through promissory notes to the Company, all accruing interest at 12%, and payable on demand. As of June 30, 2019, the total amount due to Mr. Doris for these loans is $590,555 Accrued interest of $86,780 is included in accrued expenses and other current liabilities at June 30, 2019.
The Companys CFO, Frank W. Barker, Jr., renders professional services to the Company through FWB Consulting, Inc., an affiliate of Mr. Barkers. As of June 30, 2019, the total amount due to FWB Consulting, Inc. is $137,432 and is included in accounts payable.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef