RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2020

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

In support of the Company’s efforts and cash requirements, it must rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. The advances are considered temporary in nature and have not been formalized by a promissory note. The following table summarizes the advances and repayments from/to related parties and describes each person’s relationship to the Company.

In addition, International Hedge Group provides management consulting services to the Company. There is no formal written agreement that defines the compensation to be paid. For the three months ended March 31, 2020 and 2019 the Company recorded the related party management consulting expense of $16,500 and $2,430 respectively.

There were no related party advances during the quarter ended March 31, 2020. Joe Kurczodyna, an officer of the Company, was owed a total of $480; Todd Lahr, a former officer of the Company, was owed $18,780; and a total of $22,590 was owed to our parent company, International Hedge Group, Inc., at March 31, 2020.