RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

NOTE 11 - RELATED PARTY TRANSACTIONS

As of December 31, 2019 and 2018, the Company had accrued expenses to related parties of approximately $1,860,000 and $1,531,000. 

As of December 31, 2019, the amounts are due to the Company’s sole officer for compensation $166,142 and the chairman of the board for compensation of $381,350 and the members of the board of directors of $37,500.  The amount due to a former officer of a wholly owned subsidiary of $1,275,000 which at his election can be paid in shares of common stock or options, and he has yet to make a determination.

As of December 31, 2018, the amounts are due to the Company’s sole officer for compensation $80,942 and the chairman of the board for compensation of $147,150 and the members of the board of directors of $22,500.  The amount due to a former officer of a wholly owned subsidiary of $1,275,000 which at his election can be paid in shares of common stock or options, and he has yet to make a determination.