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Related Party Transactions
6 Months Ended
Jul. 31, 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 July 31, 2019 and 2018, the Company generated approximately $3,911 and $11,972 in revenues from MO, respectively. For the six months ended July 31, 2019 and 2018, the Company generated approximately $33,248 and $40,710 in revenues from MO, respectively.

 

As of July 31, 2019 and January 31, 2019, the Company had a receivable of $33,497 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 July 31, 2019 and 2018, the Company recorded $8,000 and $12,000 in commission expense from WWS, Inc. generated sales, respectively. For the six months ended July 31, 2019 and 2018, the Company recorded $24,000 in commission expense from WWS, Inc. generated sales.

 

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 July 31, 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 July 31, 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 July 31, 2019 and January 31, 2019, there was $132,000 of principal outstanding, respectively.

 

For the three months ended July 31, 2019 and 2018, the Company recorded interest expense of $11,881 and $19,601, respectively, related to the above related party notes payable. For the six months ended July 31, 2019 and 2018, the Company recorded interest expense of $22,769 and $32,687, respectively, related to the above related party notes payable. At July 31, 2019 and January 31, 2019, there was $2,485 and $48,141 of accrued interest on the above related party notes, respectively.