RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

(4)RELATED PARTY TRANSACTIONS

In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000 and then again in November 2019 to increase the principal amount to up to $554,100 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. The Company expects continued funding from Delfin. Delfin anticipates extending additional capital at the end of August 2020. Related party interest expense associated with such debt totaling $22,103 and $14,428 has been recognized in our condensed statement of operations for the six months ended June 30, 2020 and 2019, respectively. See Note 3, “Debt,” for a more complete discussion of related party debt.