Related Party Transactions
|9 Months Ended|
Sep. 30, 2019
|Related Party Transactions|
|Note 5 - Related Party Transactions||
The Company’s 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. Additionally, Mr. Doris has made several loans through promissory notes to the Company, all accruing interest at 12%, and payable on demand. As of September 30, 2019, the total amount due to Mr. Doris for these loans is $590,555. Accrued interest of $84,642 is included in accrued expenses and other current liabilities at September 30, 2019.
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 September 30, 2019, the total amount due to FWB Consulting, Inc. is $173,216 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