Related Party Transactions

3 Months Ended

Mar. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Note 4 – Related Party Transactions

Pursuant to an agreement dated June 2013 and amended on May 20, 2019, TBG Holdings Corp. (“TBG”) was engaged to provide business advisory services, manage and direct our public relations, provide recruiting services, develop and maintain material for market makers and investment bankers, provide general administrative services, and respond to incoming investor relations calls. TBG is owned in part by Neil Swartz, the Company’s Interim Chief Executive Officer and director, and a significant stockholder of the Company, and Timothy Hart, the Company’s Chief Financial Officer and director, and a significant stockholder of the Company. Under this agreement, we pay TBG a monthly fee of $40,000. During the three month periods ended March 31, 2020 and 2019, the Company expensed $120,000 of related party management fees related to this agreement.

R3 Accounting LLC (“R3”), owned by Mr. Hart, provides accounting, tax and bookkeeping services to the Company. During the three month periods ended March 31, 2020 and 2019, the Company expensed $37,500 and $93,000, respectively, related to R3 services.

Accounts payable and accrued expenses to related parties are as follows:

Related Party	At March 31, 2020		At December 31, 2019
TBG	$	117,920	$	241,870
R3		19,931		19,931
	$	137,851	$	261,801