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Note 4 - Related Party Transactions
9 Months Ended
Sep. 30, 2018
Notes  
Note 4 - Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS 

 

The Defiance Company, LLC is owned by the Company’s president and controlling stockholder. As of September 30, 2018, accounts payable to Defiance is $285,389 for amounts paid by Defiance Company, LLC on behalf of Greenkraft, which is the same amount as of December 31, 2017.

 

As of September 30, 2018, and December 31, 2017, Greenkraft has notes payable for a total of $1,901,916, to its President and his related entities.  All amounts are due on demand, unsecured and do not bear interest.   

 

The Company’s president is a member of CEE, LLC which performs emission testing services. During the three months ended September 30, 2018, Greenkraft did not have any services performed by CEE, LLC and as of September 30, 2018 and December 31, 2017, Greenkraft owed CEE the amount of $5,945 for insurance.  

 

First Warner Properties LLC is the owner of 2215 S. Standard Ave Santa Ana CA 92707. The company’s president is a member of First Warner. Greenkraft leased the property as assembly plant from First Warner. The term of the lease agreement is from July 2014 to July 2019, with a monthly rent of $27,500. As of September 30, 2018 and December 31, 2017, Greenkraft owed $525,000 to First Warner Properties LLC.  Greenkraft terminated the lease agreement with First Warner Properties LLC at the end of August 2017.

 

First Standard Real Estate LLC is the owner of 2530 South Birch Street, Santa Ana, CA 92707. Greenkraft president is a member of First Standard Real Estate LLC. Greenkraft leased a portion of the building designated as 20,000 square feet garage area. The term of the lease agreement is from September 1, 2017 to September 30, 2021, with a monthly rent of $10,000. As of September 30, 2018 and December 31, 2017, Greenkraft owed $220,000 and $130,000 to First Standard Real Estate LLC, respectively.