RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS

NOTE 8 - RELATED PARTY TRANSACTIONS

As of March 31, 2020 and December 31, 2019, the Company had accrued expenses to related parties of approximately $667,000 and $583,750.  During the three months ended March 31, 2020, the Company reclassified $1,276,000 from accrued expenses related party to accrued expenses after the Company reevaluated its related party transactions.

As of March 31, 2020, the amounts are due to the Company’s sole officer for compensation $188,000 and the chairman of the board for compensation of $439,000 and the members of the board of directors of $40,000. 

As of March 31, 2020 and December 31, 2019, the Company had $100,000 and $100,000, respectively, of principal balance of notes payable due to a director of the Company. (See Note 4)