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Related Party Transactions
3 Months Ended
Apr. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 - Related Party Transactions

 

Meatball Obsession, LLC

 

A current director of the Company is the chairman of the board and shareholder of Meatball Obsession LLC (“MO”).

 

For the three months ended April 30, 2019 and 2018, the Company generated approximately $29,338 and $28,738 in revenues from MO, respectively.

 

As of April 30, 2019 and January 31, 2019, the Company had a receivable of $48,587 and $57,374 due from MO, respectively.

 

WWS, Inc.

 

A current director of the Company is the president of WWS, Inc.

 

For the three months ended April 30, 2019 and 2018, the Company recorded $6,000 and $12,000 in commission expense from WWS, Inc. generated sales, respectively.

 

Notes Payable – Related Party

 

During the year ended January 31, 2016, the Company received aggregate proceeds of $125,000 from notes payable with the CEO of the Company. The notes bear interest at a rate of 4% per annum and matured on December 31, 2016. The notes were subsequently extended until January 2024. As of April 30, 2019 and January 31, 2019, the outstanding principal balance of the notes was $109,844.

 

The Company received advances from the CEO of the Company which bear interest at 8%. The advances are due on January 2024. At April 30, 2019 and January 31, 2019, there was $400,000 of principal outstanding.

 

The Company received advances from an entity 100% owned by the CEO of the Company, which bear interest at 8%. The advances are due on January 2024. At April 30, 2019 and January 31, 2019, there was $132,000 of principal outstanding, respectively.

 

For the three months ended April 30, 2019 and 2018, the Company recorded interest expense of $10,888 and $11,826, respectively, related to the above related party notes payable. At April 30, 2019 and January 31, 2019, there was $2,473 and $48,141 of accrued interest on the above related party notes, respectively.