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Related Party Transactions
3 Months Ended
Mar. 31, 2020
Related Party Transactions  
Related Party Transactions

Note 10 - Related Party Transactions

 

Since July 2010, the accounting firm J.L. Hofmann & Associates, P.A. (“JLHPA”), whose principal is our CFO John L. Hofmann, has provided financial consulting and accounting services to the Company. In December 2017, J.L. Hofmann & Associates, P.A. merged with Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC (“KSDT”). The Company paid $9,300 and $$9,614 for its services in the three months ended March 31, 2020 and 2019, respectively.

 

The Company’s consultant and shareholder Hank Leibowitz receives compensation of $7,500 per month, totaling $22,500 for the three months ended March 31, 2020 and 2019. Mr. Leibowitz was owed accrued compensation of $68,327 and $30,000 as of March 31, 2020 and 2019, respectively.

 

In connection with the convertible notes that were issued in 2019 and the first quarter of 2020, the Company accrued an 8% finder’s fee to its Chief Executive Officer, Richard Davis, totaling $34,000. Mr. Davis was owed accrued compensation of $9,000 and $5,200 as of March 31, 2020 and 2019, respectively.