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Related Party
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party

NOTE 5 – Related Party

 

Since inception, the Company has relied in large part on loans from James Pande and David Hopkins, its principal shareholders, to fund its operations.

 

Since inception, Mr. Pande advanced money to help fund the Company’s operations. During the three months ended June 30, 2017, there was an advance for $25,000 on this note. These borrowings bear interest at 3% per annum with no maturity date. The balance due as of June 30, 2017 and December 31, 2016 was $57,148 and $31,312, respectively, including accrued interest.

The Company has a secured promissory note with Jim Pande. These borrowings bear interest at 3% per annum with no maturity date. The balance due as of June 30, 2017 and December 31, 2016 was $15,674 and $14,451, respectively, including accrued interest.

Effective July 30, 2015 the Company entered into a secured future advance promissory note with Mr. Pande for a total amount of $75,000. During the three months ended June 30, 2017 the Company borrowed $0 in regards to this note. The note bears interest at 7.5% per annum and matures on July 31, 2017. The balance due as of June 30, 2017 and December 31, 2016 was $84,500 and $81,711, respectively, including accrued interest.

Since inception, Mr. Hopkins has also advanced money to help fund the Company’s operations. During the three months ended June 30, 2017, he advanced $1,400. These borrowings bear interest at 3% per annum with no maturity date. The balance due as of June 30, 2017 and December 31, 2016 was $6,042 and $3,080 respectively, including accrued interest.

Since inception, Mr. Hopkins advanced money to fund the Company’s operations. In 2013, he converted certain advances and accrued salary into a secured demand promissory note. These borrowings bear interest at 3% per annum with no maturity date. The balance due as of June 30, 2017 and December 31, 2016 was $31,349 and $30,903, respectively, and is subordinated to the future advance promissory note issued to Mr. Pande.

The Company’s President has made loans to the Company through direct charges on his credit card to pay for working capital purposes. The balance due as of June 30, 2017 and December 31, 2016 was $50,541 and $31,205, respectively, including accrued interest. The founder is charging the Company 2.9% interest on the unpaid monthly balances associated with this loan, which is the interest being charged on the card.

The Company’s board of directors approved a salary to the Company’s president in the amount of $52,000 per annum plus a car allowance of $600 per month. As of June 30, 2017 and December 31, 2016 the amount unpaid and accrued amount aggregated is $196,000 and $169,000, respectively. Effective in August 2013, the president waived his car allowance which amount has not been accrued since that date. The president resumed his car allowance in July of 2015 and is owed $4,200 as of June 30, 2017.