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Amount Due to Shareholder
3 Months Ended
Mar. 31, 2018
Amount Due To Shareholder  
Amount Due to Shareholder

NOTE 8 – AMOUNT DUE TO SHAREHOLDER

 

During 2018, Gary Stevens advanced the Company $100,000. The amount was used for working capital purposes. The note consisted of a $5,000 loan fee, plus an annual interest rate of 8.00%. As of March 31, 2018, the amount outstanding was $100,000.

 

During 2017, certain of the Company’s principal shareholders, D. Sean McEwen, Matthew Atkinson, and Mark Savage, advanced the Company $191,500, $17,063 and $14,764, respectively. The amounts advanced were used for working capital purposes and bear no interest and do not have a maturity date. Interest expense is imputed based on the applicable federal rate of 1.52%. As of March 31, 2018, D. Sean McEwen is owed $150,000.