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3. Related Party Transactions
12 Months Ended
Dec. 31, 2017
Notes  
3. Related Party Transactions:

3. Related Party Transactions:

 

Notes Payable – In October 2016, the Company executed an unsecured note payable to Richard Schell, the Company’s Chief Executive officer, founder and stockholder for $25,000 bearing interest at 6% per annum, which remained outstanding at December 31, 2017 and December 31, 2016 with accrued interest payable of $1,697 and $197, respectively.

 

In July 2017, the Company executed an unsecured promissory note to Richard Schell for $18,000 bearing interest at 6% per annum. The principal amount of the note, together with $3.00 in accrued interest, was repaid by the Company a day after execution from the proceeds of the sale of common stock.

 

In October 2017, the Company executed an unsecured promissory note to Richard Schell for $35,000 bearing interest at 6% per annum.  At December 31, 2017 there was $506 in accrued interest payable on this note.

 

Services Agreement – Effective January 1, 2017, the Company pays the Company's Corporate Secretary's company $400 per month for reimbursement of certain administrative charges such as computer, internet, phone and similar items. The oral agreement is on a month-to-month basis and may be terminated at any time by either party. Total expense for the year ended December 31, 2017 was $4,800.