XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Amounts Due to Related Party and Related Party Transactions
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
AMOUNTS DUE TO RELATED PARTY AND RELATED PARTY TRANSACTIONS

NOTE 10 – AMOUNTS DUE TO RELATED PARTY AND RELATED PARTY TRANSACTIONS


Amounts due to related parties as of March 31, 2021 and December 31, 2020 were comprised of deferred compensation in the amount of $300,600.


Retired Notes Payable to Dr. Dent


Our founder and CEO, Dr. Michael Dent, made loans to the Company from time to time in the form of unsecured promissory notes payable (the “Dent Notes”). The Dent Notes were repaid in full during September 2020 and had no balance as of March 31, 2021 or December 31, 2020. Prior to repayment, the Dent Notes were carried at fair value and revalued at each period end, with changes to fair value recorded to the statement of operations under “Change in Fair Value of Debt.” The changes in fair value during the three months ended March 31, 2021 and 2020 were $-0- and $(21,362), respectively. No interest was accrued on the Dent Notes as of March 31, 2020 or December 31, 2020. Interest expense on the Dent Notes was $-0- and $34,117 in the three months ended March 31, 2021 and 2020, respectively.


Other Amounts Due to Dr. Dent


On January 7, 2020, the Company entered into a Merchant Cash Advance Factoring Agreement with a trust controlled by Dr. Dent, pursuant to which the Company received an advance of $149,000 (the “2020 MCA”). The Company was required to repay the 2020 MCA, which acts like an ordinary note payable, at the rate of $7,212 per week until the balance of $187,500 is repaid, which was scheduled for July 2020. At inception, the Company recognized a note payable in the amount of $187,500 and a discount against the note payable of $38,500. The discount was amortized over the life of the instrument. The Company made installment payments against the MCA of $-0- and $79,327, respectively, during the three months ended March 31, 2021 and 2020. The Company recognized amortization of the discount in the amount of $-0- and $18,012, respectively, during the three months ended March 31, 2021 and 2020. The 2020 MCA was repaid in full and retired during July 2020.