Related Party Transactions

3 Months Ended

Mar. 31, 2020

Related Party Transactions

Note 3. Related Party Transactions

Related party loans and related party convertible loans payables

As of March 31, 2020 and December 31, 2019, convertible loans payable – related party totaled $36,935 and $365,785, respectively. These amounts are owed to Doug Beplate, our Chief Executive Officer and convertible at $0.65 per share, in each case at the sole discretion of Mr. Beplate.

During the three months ended March 31, 2020, Mr. Beplate loaned the Company $10,400 which were convertible at $0.65 as mentioned above.  These loans resulted in a beneficial conversion feature of $2,015 which was recorded to interest expense upon issuance. and the Company made repayments to Mr. Beplate totaling $339,250. These loans were for operating expenses of the Company, are due on demand and have no interest rate.

Accrued liabilities

As of March 31, 2020 and December 31, 2019, $137,130 and $77,130 was owed to Mr. Beplate, respectively, for accrued compensation. During the three months ended March 31, 2020 $60,000 of compensation was accrued and $0 was paid. 

As of March 31, 2020 and December 31, 2019, $34,100 and $24,100 was owed to Nate Knight, the Chief Financial Officer, for accrued compensation, respectively.  During the three months ended March 31, 2020 $10,000 of compensation was accrued and $5,000 was paid.  As of March 31, 2020 and December 31, 2019, Mr. Knight was owed $7,456 for reimbursable expenses.

As of March 31, 2020 and December 31, 2019, $15,000 and $0 was owed to Louis Schiliro, the Chief Operating Officer, for accrued compensation, respectively. During the three months ended March 31, 2020 $15,000 of compensation was accrued and $30,000 was paid.  As of March 31, 2020 and December 31, 2019, Mr. Schiliro was owed $18,243 and $0 for reimbursable expenses, respectively.