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Related Party Transactions
6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 7 – Related Party Transactions

   

During the year ended December 31, 2017, one hundred ten (110) gaming machines were sold to a company controlled by Mr. Paul Parliament, the Company’s former chief executive officer, for a total of $770,000. The sales were financed by a notes receivable in the amount of $342,000.  Due to uncertainty of repayment, the notes receivable of $342,000 were allowed for as a bad debt at December 31, 2017 (See Note 6). The above mentioned sales were also paid for by reducing Mr. Parliaments’ note payable from the Company in the amount of $76,000.  

 

During the year ended December 31, 2017, seventy-five (75) gaming machines were sold to a company controlled by Mr. Doug Brooks, a former director of the Company, for a total of $525,000. The sale reduced the note payable to Mr. Brooks in the amount of $209,000. The sale was also financed by a note receivable in the amount of $76,000. Due to uncertainty of repayment, the note receivable of $76,000 was allowed for as a bad debt at December 31, 2017 (See Note 6).

      

Due to Related Parties consist of payments of Company expenses by the Company’s two (2) current directors, one (1) former director and related party, Julios Kosta. Amounts due were $84,168 and $80,423 at June 30, 2020 and December 31, 2019, respectively.  

   

The Company utilizes the services of Yes International which is controlled by Mr. Richard Kaiser who is a member of the Board of Directors.  Yes International provides all services at no cost except for press release wire services. For each of the three and six months ended June 30, 2020 and 2019 the Company paid press release wire services in the amount of $-0-. The Company also currently operates out of the Yes International's offices at no cost.

 

Stock payable – related parties consisted of the following at June 30, 2020 and December 31, 2019:

 

June 30,

December 31,

 

2020

2019

   

Doug Brooks

$       ––

$       285,270

Rich Kaiser

––

117,476

Julios Kosta

––

468,628

Marsadi Parliament

––

268,279

Paul Parliament

––

468,473

   

Total Stock Payable – Related Parties

$       ––

$    1,608,126