XML 30 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

12 Months Ended

Dec. 31, 2018

NOTE 8 – RELATED PARTY TRANSACTIONS

Due to related parties

From time to time, the Company receives advances from and repays such advances to the Company’s former chief executive officer for working capital purposes and to repay indebtedness. For the years ended December 31, 2018 and 2017, due to related party activity consisted of the following:

	Total
Balance due to related parties at December 31, 2016	$	(5,000	)
Working capital advances received		(168,046	)
Repayments made		13,694
Payments made on line of credit on the Company’s behalf		(102,232	)
Balance due to related parties at December 31, 2017	$	(261,584	)
Working capital advances received		(264,185	)
Repayments made		210,303
Balance due to related parties at December 31, 2018	$	(315,466	)

Other

During the year ended December 31, 2017, the Company owed amounts to a company owned by the Vitel Officers for consulting services performed prior to March 10, 2017, the acquisition date of Vitel. In connection with the balances owed, during the period from March 10, 2017 (the acquisition date) to December 31, 2017, the Company paid interest expense of $6,078 to this company which was reclassified to loss from discontinued operations on the accompanying consolidated statements of operations and repaid all amounts due of $10,563. At December 31, 2017, the Company did not owe any balances to this company. Additionally, during the year ended December 31 2017, the Company paid $23,000 and $8,599 to this company owned by the Vitel Officers for consulting fees and for administrative fees, respectively, which were reclassified to loss from discontinued operations on the accompanying consolidated statements of operations.