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Related Party Transactions
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Related Party Transactions

NOTE 11 – RELATED PARTY TRANSACTIONS

 

During the six month period ended June 30, 2019 the Company has had extensive dealings with related parties including the following:

 

In January of 2019, the Company entered into a convertible promissory note agreement in the amount of $7,000 with an individual who is related to the Company’s CEO. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before July 8, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.008 per share. This note is currently in default due to non payment of principal and interest.

 

In April of 2019, the Company entered into a convertible promissory note agreement in the amount of $20,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before October 23, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.004 per share.

 

In June of 2019, the Company entered into a convertible promissory note agreement in the amount of $5,100 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before December 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share.

 

On various dates during the six month period ended June 30, 2019 the Company repaid its CEO a total of $5,048 principal and accrued interest to repay various outstanding loans.

 

The Company has an informal consulting agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to pay the related party limited liability company a minimum of $3,500 per month plus periodic bonuses to provide general business consulting and assessing the Company's business and to advise management with respect to an appropriate business strategy on anongoing basis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative information on individuals and companies and to assist, when needed, as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. At June 30, 2019 the Company owed the related party consultant $0 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $11,150. The consultant provides the services under the direction and supervision of the Company’s CEO.

 

The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. At June 30, 2019 the Company owed the related party limited liability company $6,577 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $4,385.

   

At June 30, 2019 the following promissory notes and shareholder loans were outstanding to related parties:

 

See Note 8 convertible notes payable and notes payable - related parties and related parties in default.