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Related party transactions
12 Months Ended
Dec. 31, 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 $679,783 and $673,092 as of December 31, 2019 and 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 $61,995 and $90,523 as December 31, 2019 and 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 agent. During the years ended December 31, 2019 and 2018, the Company made payments to GTI Corporate Transfer Agents, LLC in the amounts of $23,616 and $4,170, respectively.

 

During 2019 and 2018, the Company paid $5,715 and $12,245 to Elia Holdings, LLC, which entity is controlled by Ms. Irizarry’s ex-husband. In 2018 Elia Holdings, LLC also converted $14,980 of convertible notes into shares of common stock at a conversion price of $.03 per share in 2018.

 

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 year ended December 31, 2018 the Company paid $244,624 to GTI Research Inc. for rent, scientific license agreement and for other expenses incurred by GTI Research Inc. The Chairman of the Company signed for the lease on the laboratory facility. The Company’s relationship with GTI Research Inc. terminated in April 2019. GTI Research Inc. lost the lease of laboratory space partially occupied by the Company.

 

On January 1, 2018, the Company entered into a sublease for a 7,990 square foot office and lab space on 6860 Broadway in Denver, Colorado 80221, with GTI Research, Inc. a related party, the Company’s scientific robotic technology collaborator, for 75 months. GTI Research, Inc. required payment of $12,000 security deposit in December of 2017. The Company incurred rent expense of $54,162 during 2018. In 2019 the Company expensed the $12,000 security deposit, did not pay any rent to GTI Research, Inc. and applied expenses paid by the Company on behalf of GTI Research, Inc., all of which resulted in a net expense of $4,861 for 2019.

 

The lease terminated on April 29, 2019. No right of use asset and corresponding liability were included in the Balance Sheet.