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Related party transactions
6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related party transactions

Note 4 – Related party transactions

 

The Company has an outstanding loan payable and accrued interest to Antonio Milici, its CEO and stockholder amounting to $673,092 as June 30, 2019 and December 31, 2018, respectively. This outstanding loan to the Company is unsecured and bears interest at 2.41%. The Company has an outstanding loan and accrued interest payable to Tannya Irizarry, its interim CFO interim and stockholder, amounting to $90,523 as June 30, 2019 and December 31, 2018, respectively. This outstanding loan to the Company is unsecured and bears interest at 8%.

 

Tannya Irizarry owns one-third of GTI Corporate Transfer Agents, LLC, the Company’s transfer agency. During the six months ended June 30, 2019 and 2018, the Company made payments to GTI Corporate Transfer Agents, LLC in the amounts of $600 and $5,144, respectively.

 

The Company will no longer rely on GTI Research, Inc. (“GTIR”), the Company’s previous scientific robotic technology collaborator, for conducting research and development activities on the robotic technology development project. For the six-month periods ended June 30, 2019 and 2018, respectively, the Company incurred costs of $0 and $82,913 for development services from GTIR. In addition, the Company no longer subleases from GTIR all of its office and lab space under a 75-month lease. The Company incurred base rental and triple net expenses of $0 and $33,734 associated with the lease during the six months ended June 30, 2019 and 2018, respectively. GTIR holds a $12,000 security deposit paid by the Company in December of 2017. The lease agreement with GTI Research, Inc. was terminated on April 29, 2019. The deposit of $12,000 was expensed at the date of the lease termination.

 

The Company utilizes Elia Holding, LLC for construction and other maintenance services to maintain the Company’s office and lab space. Elia Holding, LLC is controlled by Rene Irizarry. Costs incurred related to such services were $0 and $0 during the three-month periods ended March 31, 2019 and 2018, respectively.