XML 57 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6–RELATED PARTY TRANSACTIONS

 

The directors and officers of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, he may face a conflict in selecting between the Company and his other business interests. The Company has not formulated a policy for the resolution of such conflicts.

 

One of the Company’s major shareholder is owned by the Company’s legal counsel. During the year ended December 31, 2019 and 2018, the Company’s legal counsel was owed $93,438 and $65,500, respectively and also advanced the Company $925 and $100, respectively. During the years ended December 31, 2019 and 2018, the related party legal fees were $36,850 and $38,000 respectively. During the years ended December 31, 2019 and 2018, one of the Company’s other major shareholder, MT Capital Partners, LLC, which is owned by one of the Company’s officer and director, advanced the Company $11,925 and $24,025, respectively. These amounts are unsecured and do not bear any terms of interest or repayment.