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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2019
RELATED PARTY TRANSACTIONS  
NOTE 8 - RELATED PARTY TRANSACTIONS

Accrued Officer Compensation

 

As of December 31, 2019 and 2018, a total of $588,611 and $349,000, respectively, was accrued for unpaid officer wages due the Company s CEO and President under their respective employment agreements.

 

Other

 

As of December 31, 2019 and 2018, a total of $16,619 and $22,574 was due our CEO and our President and is included in accounts payable.

 

As of December 31, 2019 and 2018, a total of $2,892 was due the founder of DIGS and is included in accounts payable.

 

The Company s CEO advanced the Company funds during 2019 and 2018, with a balance due of $735,000 and $585,000 respectively, plus accrued interest of $96,273 and $18,030 as of December 31, 2019 and 2018, respectively. These balances accrue interest at 12% beginning on October 1, 2018, are unsecured and due on demand. Total interest expense on the advances totaled $78,243 and $18,030 for the years ended December 31, 2019 and 2018, respectively.

 

As of December 31, 2019 and 2018, a total of $15,222 and $10,738, respectively, was due to the founder of DIGS for advances to DIGS.

 

As of December 31, 2019 and 2018, a total of $32,020 was due to an entity owned by the founder of ShieldSaver for advances to ShieldSaver prior to the Company s acquisition of ShieldSaver on August 31, 2018. The founder of ShieldSaver is also the founder of JAG and is a related party.

 

DIGS previously sub-leased space on a month-to-month basis from an entity controlled by the founder of DIGS. Total payments related to this sub-lease for the years ended December 31, 2019 and 2018 were $0 and $11,375, respectively.

 

In March 2020, the board of directors authorized the conversion of amounts payable to the Company s officers to the Company s common stock. The amounts are convertible at the option of the officer at a conversion price of $0.01 per share.

 

See Note 7 for related party share issuances to directors and other related parties of the Company.