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

NOTE 4.                       RELATED PARTY TRANSACTIONS

 

In August 2013 our founder, former officer and director, and significant shareholder, Marty Weigel, loaned us $9,000 to fund the start-up of our initial operations. In May of 2018, we settled the outstanding obligation due to Mr. Weigel in full.

 

As of December 31, 2017 we owed Ingenium Accounting Associates, an accounting Firm controlled by Marty Weigel, $4,600 related to payments made on our behalf to maintain our regulatory filings with the State of Nevada, and pay for operating expenses. In May 2018, we settled all previously outstanding obligations due to Ingenium Accounting Associates. As of July 2018 the Company determined that Ingenium Accounting Associates and Mr. Weigel no longer met the definition of a related party as defined by US GAAP and the rules and regulations as promulgated by the Securities Exchange Commission (“SEC”).

 

As of December 31, 2018, and December 31, 2017, we owed Mr. Kersey $409 and $18,168, respectively, for administrative and travel expenses paid on our behalf. In May 2018, we settled all of the previously outstanding obligations due to Mr. Kersey with the exception of his accrued director fees. The Company incurred directors fees due to Mr. Kersey totaling $15,000 and $15,000 for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, director fees totaling $55,000 and $35,000, respectively, remained outstanding and are included in accrued director fees in the accompanying consolidated balance sheets.

 

The Company incurs Director fees on a quarterly basis at $5,000 per quarter. As of December 31, 2018 and 2017, the Company recognized accrued director fees due to its two non-officer Directors totaling $110,000 and $70,000, respectively.