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Related Party Transactions
12 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

9. RELATED PARTY TRANSACTIONS

 

Chief Executive Officer

 

During the year ended December 31, 2018 and 2017, the Company incurred compensation expense to Mr. Mathieson, the Company’s President, Chief Executive Officer, Chief Financial Officer and sole director, and a significant stockholder of the Company under professional consulting contracts of $1,050,000 and $1,000,000 respectively. During the year ended December 31, 2017 the Company also paid in cash common share dividends in the amount of $103,500 to our Chief Executive Officer.

 

Chief Operating Officer

 

During the year ended December 31, 2018 and 2017, the Company incurred compensation expense to our Chief Operating Officer of $168,077 and $243,000, respectively. During the year ended December 31, 2017 the company also paid in cash common share dividends in the amount of $30 to our Chief Operating Officer.

 

Consulting Fees

 

During the year ended December 31, 2018, the Company incurred consulting fees totaling $153,333, to Sam Prasad and related entities. During the year ended December 31, 2017, the Company incurred consulting fees totaling $30,000, to Sam Prasad and related entities. In addition, during the year ended December 31, 2017, the Company issued 30,000 Series H preferred shares to Sam Prasad for $30,000. Sam Prasad is a shareholder of Mr. Amazing Loans Corporation.

 

During the year ended December 31, 2017, the Company incurred consulting fees totaling $100,000 to Frank Wilkie and related entities. In addition, during the year ended December 31, 2017, the Company issued 334,589 Series H preferred shares to Frank Wilkie and related entities for $334,589, of which 75,000 shares were acquired for himself, and the remaining 259,589 shares were purchased on behalf of others, and transferred to other third parties. Frank Wilkie is a shareholder of Mr. Amazing Loans Corporation.

 

During the year ended December 31, 2017, the Company incurred consulting fees totaling $200,000, to Clem Tacca and related entities. In addition, during the year ended December 31, 2017, the Company issued 500,000 Series H preferred shares to Clem Tacca for $500,000, of which 204,000 shares were acquired for themselves and their related entities, and the remaining 296,000 shares were purchased on behalf of others, and transferred to other third parties. Clem Tacca is a shareholder of Mr. Amazing Loans Corporation.

 

During the year ended December 31, 2017, the Company incurred consulting fees totaling $130,000, to Judith Willoughby and related entities. In addition, during the year ended December 31, 2017, the Company issued 100,000 Series H preferred shares to a related entity of Judith Willoughby for $100,000. Judith Willoughby is a shareholder of Mr. Amazing Loans Corporation.

 

During the year ended December 31, 2017, the Company incurred consulting fees totaling $50,000, to Worldwide Holdings LLC. Worldwide Holdings LLC is a shareholder of Mr. Amazing Loans Corporation.

 

Issuance of Series H Preferred Stock

 

On June 8, 2018, the Company issued 360,000 shares of the Company’s Series H preferred stock at a price of $1.00 per share to IEC Ltd. for an aggregate purchase price of $360,000. Mr. Mathieson, the Company’s President, Chief Executive Officer, Chief Financial Officer and sole director, and a significant stockholder of the Company, is IEC Ltd.’s majority stockholder, Chief Executive Officer and sole director. IEC Ltd. is wholly owned by certain Company stockholders, including Mr. Mathieson.