Related Party Transactions	9 Months Ended
Sep. 30, 2020
Related Party Transactions
Related Party Transactions	Note 11 - Related Party Transactions On September 1, 2019, the Company hired Daniel Bogar to serve as its President, reporting to the CEO. As compensation, Mr. Bogar received a fully-vested non-qualified option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $.10 per share, with an expiration date of June 30, 2026. On September 1, 2020, the Company entered into a one-year employment agreement with Mr. Bogar at an annual salary of $90,000; however, the Company will be permitted to defer payment of the salary to the extent required to maintain solvency. Mr. Bogar was owed accrued compensation of $7,500 and $0 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets. 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 $33,200 and $19,100 for its services in the nine months ended September 30, 2020 and 2019, respectively. The Company’s consultant and shareholder Hank Leibowitz receives compensation of $7,500 per month, totaling $45,000 for the nine months ended September 30, 2020 and 2019. Mr. Leibowitz was owed accrued compensation of $113,327 and $52,500 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets. 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. For the convertible note that was issued in the second quarter of 2020, the Company accrued a 6.4% finder’s fee to Mr. Davis, totaling $1,600. For the convertible note that was issued in the third quarter of 2020, the Company accrued a 6.4% finder’s fee to Mr. Davis, totaling $2,025. On September 1, 2020, the Company entered into a one-year employment agreement with Mr. Davis at an annual salary of $90,000; however, the Company will be permitted to defer payment of the salary to the extent required to maintain solvency. As per the terms of the agreement, Mr. Davis agreed to waive all rights to the finder’s fees. Mr. Davis was owed accrued compensation of $7,500 and $0 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets. On September 30, 2020, the Company purchased from George Konrad, the Company’s founder and former CEO and Director (“Konrad”) all of Konrad’s 4,027,408 shares of Company common stock (the “Shares”), representing 12.7% of the Company’s issued and outstanding common stock, for an aggregate price of $300,000 ($.074 per share). The Company raised the funds used for the purchase of the shares through a private placement of convertible notes to stockholders and accredited investors. See Note 6 for convertible notes payable with related parties.

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Note 11 - Related Party Transactions

On September 1, 2019, the Company hired Daniel Bogar to serve as its President, reporting to the CEO. As compensation, Mr. Bogar received a fully-vested non-qualified option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $.10 per share, with an expiration date of June 30, 2026. On September 1, 2020, the Company entered into a one-year employment agreement with Mr. Bogar at an annual salary of $90,000; however, the Company will be permitted to defer payment of the salary to the extent required to maintain solvency. Mr. Bogar was owed accrued compensation of $7,500 and $0 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets.

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 $33,200 and $19,100 for its services in the nine months ended September 30, 2020 and 2019, respectively.

The Company’s consultant and shareholder Hank Leibowitz receives compensation of $7,500 per month, totaling $45,000 for the nine months ended September 30, 2020 and 2019. Mr. Leibowitz was owed accrued compensation of $113,327 and $52,500 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets.

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. For the convertible note that was issued in the second quarter of 2020, the Company accrued a 6.4% finder’s fee to Mr. Davis, totaling $1,600. For the convertible note that was issued in the third quarter of 2020, the Company accrued a 6.4% finder’s fee to Mr. Davis, totaling $2,025.

On September 1, 2020, the Company entered into a one-year employment agreement with Mr. Davis at an annual salary of $90,000; however, the Company will be permitted to defer payment of the salary to the extent required to maintain solvency. As per the terms of the agreement, Mr. Davis agreed to waive all rights to the finder’s fees. Mr. Davis was owed accrued compensation of $7,500 and $0 as of September 30, 2020 and December 31, 2019, respectively, which is presented in accounts payable and accrued expenses on the condensed consolidated balance sheets.

On September 30, 2020, the Company purchased from George Konrad, the Company’s founder and former CEO and Director (“Konrad”) all of Konrad’s 4,027,408 shares of Company common stock (the “Shares”), representing 12.7% of the Company’s issued and outstanding common stock, for an aggregate price of $300,000 ($.074 per share). The Company raised the funds used for the purchase of the shares through a private placement of convertible notes to stockholders and accredited investors.

See Note 6 for convertible notes payable with related parties.