NOTE 5 - RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

NOTE 5 - RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

Accounts Receivable – Related Parties

The Company holds a non-controlling interest in various distributors in exchange for use of the Company’s name and logo. As of September 30, 2020, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd. and a 20% interest in Omnitek Peru S.A.C.  As of September 30, 2020 and December 31, 2019, the Company was owed $14,521 and $16,712, respectively, by related parties for the purchase of products and services.

Accounts Payable – Related Parties

The Company regularly incurs expenses that are paid to related parties and purchases goods and services from related parties. As of September 30, 2020 and December 31, 2019, the Company owed related parties for such expenses, goods and services in the amounts of $122,025 and $134,077, respectively.

Accrued Management Compensation

For the periods ended September 30, 2020 and December 31, 2019, the Company’s president and chief financial officer were due amounts for services performed for the Company.

As of September 30, 2020 and December 31, 2019 the accrued management fees consisted of the following:

	September 30,			December 31,
	2020			2019
Amounts due to the president		$	590,735		$	541,504
Amounts due to the chief financial officer			-			165,326
Total		$	590,735		$	706,830

The chief financial officer resigned on January 7, 2020 (effective February 7, 2020). Prior amounts due to the chief financial officer were reclassified to accounts payable and accrued liabilities on the balance sheet at September 30, 2020.