Related Party Transactions
|3 Months Ended|
Mar. 31, 2021
|Related Party Transactions|
|Note 5. Related Party Transactions||
The Company’s CEO and director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr. Doris’s. As of March 31, 2021, the total amount due to AGD Advisory Group, Inc. is $90,000 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. During the three months ended March 31, 2021, the Company made a payment of $20,000 toward principal and interest associated with these loans, and Mr. Doris in separate transactions, sold $506,000 of his loans to independent third parties. As of March 31, 2021, the total amount due to Mr. Doris for these loans is $40,843.
The Company’s CFO, Frank W. Barker, Jr., renders professional services to the Company through FWB Consulting, Inc., an affiliate of Mr. Barker’s. As of March 31, 2021, the total amount due to FWB Consulting, Inc. is $281,968 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